Serve Robotics Inc. (NASDAQ:SERV) Given Average Rating of "Strong Buy" by Analysts

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has been given a consensus recommendation of "Strong Buy" by the six research firms that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $18.67.

Separately, Cantor Fitzgerald began coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the transaction, the director now owns 50,725 shares in the company, valued at approximately $539,206.75. This represents a 17.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Read sold 7,000 shares of the company's stock in a transaction on 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 sale, the chief financial officer now directly owns 233,900 shares in the company, valued at approximately $1,878,217. The trade was a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,883 shares of company stock worth $572,181. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently bought and sold shares of SERV. Blue Trust Inc. purchased a new stake in Serve Robotics during the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC purchased a new stake in Serve Robotics during the 4th quarter valued at $34,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Serve Robotics during the 1st quarter valued at $49,000. KLP Kapitalforvaltning AS purchased a new stake in Serve Robotics during the 1st quarter valued at $49,000. Finally, Wells Fargo & Company MN boosted its stake in Serve Robotics by 294.0% during the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after purchasing an additional 8,100 shares during the last quarter.

Serve Robotics Price Performance

Shares of SERV opened at $10.23 on Thursday. The firm's 50 day simple moving average is $9.44 and its 200 day simple moving average is $11.32. The company has a market capitalization of $583.21 million, a P/E ratio of -9.65 and a beta of 1.67. Serve Robotics has a 1-year low of $1.82 and a 1-year high of $24.35.

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.

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