Serve Robotics (NASDAQ:SERV) Shares Gap Up - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $10.26, but opened at $10.94. Serve Robotics shares last traded at $11.04, with a volume of 1,296,724 shares.

Wall Street Analyst Weigh In

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

Serve Robotics Price Performance

The business's 50-day simple moving average is $9.56 and its two-hundred day simple moving average is $11.31. The stock has a market cap of $650.96 million, a price-to-earnings ratio of -10.80 and a beta of 1.67.

Insider Activity at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the transaction, the chief financial officer now owns 240,900 shares of the company's stock, valued at approximately $1,700,754. This trade represents a 10.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the sale, the director now owns 50,725 shares in the company, valued at $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,883 shares of company stock valued at $572,181 in the last 90 days. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently modified their holdings of SERV. Uber Technologies Inc acquired a new position in Serve Robotics in the fourth quarter valued at $71,534,000. Vanguard Group Inc. raised its position in shares of Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after acquiring an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Serve Robotics by 31.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after purchasing an additional 210,977 shares during the period. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics in the 1st quarter valued at about $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after purchasing an additional 584,302 shares in the last quarter.

About Serve Robotics

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.