Analysts Set Serve Robotics Inc. (NASDAQ:SERV) Target Price at $18.67

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has received an average recommendation of "Strong Buy" from the six analysts that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $18.67.

Separately, Cantor Fitzgerald initiated coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company.

Serve Robotics Stock Up 1.8%

SERV traded up $0.20 during trading on Thursday, reaching $11.44. The company had a trading volume of 11,534,790 shares, compared to its average volume of 10,364,412. The stock has a market cap of $652.19 million, a P/E ratio of -10.79 and a beta of 1.66. The business has a 50 day simple moving average of $9.68 and a 200-day simple moving average of $11.29. Serve Robotics has a 52 week low of $1.82 and a 52 week high of $24.35.

Insider Transactions at Serve Robotics

In other news, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction 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 completion of the sale, the director now directly owns 50,725 shares in the company, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction on Monday, June 9th. The stock was sold at an average price of $12.59, for a total value of $25,180.00. Following the sale, the chief financial officer now owns 217,705 shares of the company's stock, valued at approximately $2,740,905.95. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,883 shares of company stock worth $572,181. 21.40% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its stake in shares of Serve Robotics by 280.4% during the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock valued at $1,709,000 after buying an additional 219,018 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after buying an additional 584,302 shares during the period. Bosun Asset Management LLC purchased a new position in shares of Serve Robotics during the first quarter valued at $129,000. Cubist Systematic Strategies LLC purchased a new position in shares of Serve Robotics during the first quarter valued at $2,064,000. Finally, PEAK6 LLC increased its stake in shares of Serve Robotics by 377.7% during the first quarter. PEAK6 LLC now owns 15,314 shares of the company's stock valued at $88,000 after buying an additional 20,829 shares during the period.

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.