Serve Robotics (NASDAQ:SERV) Shares Gap Up – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $11.82, but opened at $13.19. Serve Robotics shares last traded at $12.92, with a volume of 7,444,405 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Northland Securities increased their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Down 8.3 %

The firm has a fifty day moving average price of $16.57 and a 200 day moving average price of $11.94.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,793 shares of company stock valued at $2,733,515. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the business. Uber Technologies Inc purchased a new stake in Serve Robotics in the 4th quarter worth about $71,534,000. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics in the third quarter worth approximately $9,636,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth approximately $9,066,000. Vanguard Group Inc. grew its position in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in Serve Robotics during the fourth quarter valued at approximately $6,629,000.

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.