Serve Robotics (NASDAQ:SERV) Shares Gap Up – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share 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.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Up 9.3%

The stock has a market capitalization of $639.08 million, a P/E ratio of -10.57 and a beta of 1.66. The company has a fifty day simple moving average of $9.24 and a two-hundred day simple moving average of $11.33.

Insider Transactions at Serve Robotics

In related news, Director David Michael Goldberg sold 10,700 shares of the company’s stock in a transaction 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 transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $12.59, for a total value of $25,180.00. Following the completion of the sale, the chief financial officer now directly owns 217,705 shares in the company, valued at $2,740,905.95. This represents a 0.91% decrease in their position. 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 over the last 90 days. 21.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. acquired a new position in Serve Robotics during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics in the first quarter worth $49,000. KLP Kapitalforvaltning AS bought a new stake in shares of Serve Robotics in the first quarter worth $49,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after purchasing an additional 1,545 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.