Analysts Set Serve Robotics Inc. (NASDAQ:SERV) Price Target at $19.50

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) have been assigned a consensus recommendation of "Strong Buy" from the five research firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $19.50.

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research note on Tuesday, February 18th.

Insider Buying and Selling at Serve Robotics

In related news, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the sale, the chief financial officer now directly owns 240,900 shares in the company, valued at $1,700,754. This trade represents a 10.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 3,713 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the transaction, the chief executive officer now owns 3,225,852 shares in the company, valued at $29,710,096.92. This trade represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,934 shares of company stock valued at $367,524 in the last ninety days. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SERV. Geode Capital Management LLC lifted its stake in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. Tidal Investments LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $262,000. Harbour Capital Advisors LLC lifted its stake in shares of Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company's stock valued at $680,000 after purchasing an additional 25,475 shares during the period. Atomi Financial Group Inc. acquired a new position in shares of Serve Robotics in the 4th quarter valued at about $209,000. Finally, SG Americas Securities LLC acquired a new position in shares of Serve Robotics during the 4th quarter valued at $114,000.

Serve Robotics Stock Up 15.8%

NASDAQ SERV traded up $1.18 on Wednesday, reaching $8.64. The company had a trading volume of 2,986,093 shares, compared to its average volume of 9,489,973. The stock's 50 day moving average is $6.40 and its 200-day moving average is $10.94. The stock has a market cap of $492.26 million and a price-to-earnings ratio of -8.13. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The business had revenue of $0.44 million for the quarter, compared to the consensus estimate of $0.49 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, analysts forecast that Serve Robotics will post -0.98 EPS for the current year.

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.