Serve Robotics (NASDAQ:SERV) Shares Gap Up - Time to Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $11.80, but opened at $12.31. Serve Robotics shares last traded at $11.99, with a volume of 3,227,760 shares traded.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald began coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Serve Robotics has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Price Performance

The firm has a market capitalization of $667.02 million, a P/E ratio of -11.04 and a beta of 0.13. The firm's fifty day moving average price is $11.06 and its 200-day moving average price is $10.89.

Insider Buying and Selling

In other news, Director David Michael Goldberg sold 10,700 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the transaction, the director owned 50,725 shares in the company, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Read sold 2,000 shares of the firm's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $12.59, for a total transaction of $25,180.00. Following the completion of the transaction, the chief financial officer owned 217,705 shares in the company, valued at $2,740,905.95. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,751 shares of company stock valued at $572,318. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after purchasing an additional 1,545 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the 4th quarter worth approximately $34,000. Jefferies Financial Group Inc. raised its holdings in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after purchasing an additional 4,000 shares during the last quarter. PFG Investments LLC increased its stake in shares of Serve Robotics by 12.3% in the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after acquiring an additional 4,000 shares in the last quarter. Finally, DnB Asset Management AS increased its stake in Serve Robotics by 52.3% during the 4th quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock valued at $288,000 after purchasing an additional 7,336 shares in the last quarter.

Serve Robotics Company Profile

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.