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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) 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 changing hands.

Wall Street Analyst Weigh In

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

Serve Robotics Trading Up 9.3%

The firm has a market capitalization of $639.08 million, a price-to-earnings ratio of -10.57 and a beta of 1.66. The firm has a fifty day moving average price of $9.24 and a 200 day moving average price of $11.33.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the transaction, the director now owns 50,725 shares of the company's stock, valued at approximately $539,206.75. This represents a 17.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian Read sold 7,000 shares of Serve Robotics stock in a transaction on Friday, May 9th. The shares were sold at an average price of $8.03, for a total value of $56,210.00. Following the completion of the sale, the chief financial officer now directly owns 233,900 shares of the company's stock, valued at $1,878,217. This trade represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,883 shares of company stock worth $572,181. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently made changes to their positions in the company. Blue Trust Inc. acquired a new stake in Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Serve Robotics in the first quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new position in Serve Robotics during the first quarter worth about $49,000. Finally, Wells Fargo & Company MN boosted its holdings in Serve Robotics by 294.0% during the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock worth $147,000 after buying an additional 8,100 shares during 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.

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