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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $11.46, but opened at $11.88. Serve Robotics shares last traded at $12.75, with a volume of 3,025,489 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SERV shares. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Northland Securities set a $23.00 price objective on Serve Robotics in a report on Tuesday, February 18th. Three analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Trading Up 17.1%

The company has a market capitalization of $764.92 million and a PE ratio of -12.59. The business has a fifty day moving average of $7.80 and a 200 day moving average of $11.08.

Insiders Place Their Bets

In other Serve Robotics news, CFO Brian Read sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $12.15, for a total value of $36,450.00. Following the transaction, the chief financial officer now directly owns 221,000 shares in the company, valued at $2,685,150. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 58,164 shares of company stock worth $455,198 in the last ninety days. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in SERV. Uber Technologies Inc acquired a new position in Serve Robotics during the 4th quarter worth approximately $71,534,000. Raymond James Financial Inc. acquired a new stake in Serve Robotics in the fourth quarter valued at $1,978,000. Man Group plc acquired a new stake in Serve Robotics in the fourth quarter valued at $467,000. Geode Capital Management LLC boosted its position in shares of Serve Robotics by 36.6% during the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock worth $2,415,000 after purchasing an additional 47,927 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Serve Robotics during the 4th quarter worth $431,000.

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.

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