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

Shares of Serve Robotics Inc. (NASDAQ:SERV) gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They issued 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 company. According to data from MarketBeat, the company has a consensus rating of “Strong Buy” and an average target price of $18.67.

Serve Robotics Stock Down 6.7%

The company has a market cap of $583.21 million, a price-to-earnings ratio of -9.65 and a beta of 1.67. The company’s 50-day moving average is $9.44 and its 200 day moving average is $11.32.

Insiders Place Their Bets

In related news, CFO Brian Read sold 7,000 shares of Serve Robotics stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the completion of the transaction, the chief financial officer now owns 233,900 shares in the company, valued at $1,878,217. The trade was a 2.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the company’s stock in a transaction dated Monday, June 23rd. The stock was 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 $539,206.75. The trade was a 17.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,883 shares of company stock worth $572,181. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SERV. Blue Trust Inc. purchased a new position in shares of Serve Robotics during the 4th quarter valued at approximately $27,000. Oppenheimer & Co. Inc. acquired a new position in Serve Robotics during the fourth quarter worth $280,000. Charles Schwab Investment Management Inc. purchased a new position in Serve Robotics during the fourth quarter valued at $151,000. Raymond James Financial Inc. purchased a new position in Serve Robotics during the fourth quarter valued at $1,978,000. Finally, Clare Market Investments LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at about $205,000.

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.