Serve Robotics Inc. (NASDAQ:SERV) Receives Consensus Rating of "Strong Buy" from Analysts

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has earned an average recommendation of "Strong Buy" from the five analysts that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1-year 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 report on Tuesday, February 18th.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the company's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now owns 3,230,990 shares of the company's stock, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 173,978 shares of company stock valued at $2,629,874 in the last quarter. Company insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Several hedge funds have recently added to or reduced their stakes in SERV. Larson Financial Group LLC purchased a new position in Serve Robotics in the 3rd quarter worth approximately $26,000. 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 shares of Serve Robotics during the 4th quarter valued at about $34,000. Bogart Wealth LLC purchased a new position in shares of Serve Robotics in the fourth quarter worth approximately $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of Serve Robotics in the third quarter worth approximately $68,000.

Serve Robotics Stock Down 6.9 %

SERV traded down $0.65 during midday trading on Friday, reaching $8.72. 4,388,015 shares of the company's stock were exchanged, compared to its average volume of 12,667,282. The business has a 50-day simple moving average of $16.23 and a two-hundred day simple moving average of $11.81. Serve Robotics has a one year low of $1.77 and a one year high of $24.35.

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.