Serve Robotics (NASDAQ:SERV) Shares Gap Up - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $9.60, but opened at $10.12. Serve Robotics shares last traded at $11.93, with a volume of 4,463,244 shares trading hands.

Analyst Ratings Changes

A number of analysts recently commented on the company. Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald started coverage on Serve Robotics in a research note on Thursday. They issued an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Serve Robotics has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The firm has a market cap of $646.46 million and a P/E ratio of -10.70. The stock's 50 day simple moving average is $6.90 and its 200 day simple moving average is $10.90.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the business's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the sale, the chief executive officer now owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. The trade was a 0.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian Read sold 8,900 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $8.95, for a total value of $79,655.00. Following the transaction, the chief financial officer now owns 225,000 shares in the company, valued at approximately $2,013,750. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,834 shares of company stock worth $458,699. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of the stock. Uber Technologies Inc bought a new position in Serve Robotics during the 4th quarter valued at $71,534,000. Vanguard Group Inc. lifted its stake in Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after acquiring an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Serve Robotics by 31.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after acquiring an additional 210,977 shares in the last quarter. Capital Fund Management S.A. bought a new position in Serve Robotics during the 1st quarter valued at $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 acquiring 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.