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

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) have been assigned a consensus rating of "Strong Buy" from the six research firms that are covering the firm, Marketbeat reports. Three equities research 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 brokerages that have issued ratings on the stock in the last year is $18.67.

Several analysts have weighed in on the company. Cantor Fitzgerald assumed coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. Northland Securities set a $23.00 price objective on Serve Robotics in a research report on Tuesday, February 18th.

Serve Robotics Trading Up 4.4%

SERV stock traded up $0.51 during midday trading on Friday, hitting $12.06. The company had a trading volume of 7,036,640 shares, compared to its average volume of 9,974,426. Serve Robotics has a 52 week low of $1.82 and a 52 week high of $24.35. The stock's 50 day moving average price is $7.69 and its 200 day moving average price is $11.06. The stock has a market cap of $687.50 million and a price-to-earnings ratio of -11.38.

Insider Activity

In related news, CFO Brian Read sold 3,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total value of $36,450.00. Following the sale, the chief financial officer now directly owns 221,000 shares of the company's stock, valued at $2,685,150. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 58,164 shares of company stock valued at $455,198. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Uber Technologies Inc purchased a new stake in Serve Robotics in the fourth quarter worth $71,534,000. Vanguard Group Inc. grew its stake in shares of Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after acquiring an additional 544,537 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Serve Robotics by 31.4% in the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock worth $5,075,000 after acquiring an additional 210,977 shares during the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Serve Robotics in the first quarter worth $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Serve Robotics by 616.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after acquiring an additional 584,302 shares during the last quarter.

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.