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

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) have been given a consensus recommendation of "Strong Buy" by the six analysts that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $18.67.

A number of equities analysts recently commented on SERV shares. Northland Securities set a $23.00 price target on Serve Robotics in a research note on Tuesday, February 18th. Cantor Fitzgerald assumed coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company.

Serve Robotics Stock Performance

Shares of SERV traded down $0.36 during midday trading on Friday, hitting $11.58. 3,881,629 shares of the company traded hands, compared to its average volume of 9,906,337. The stock has a market cap of $660.14 million and a price-to-earnings ratio of -10.92. The firm has a 50 day moving average of $7.48 and a 200-day moving average of $11.05. Serve Robotics has a 52 week low of $1.82 and a 52 week high of $24.35.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $12.15, for a total transaction of $36,450.00. Following the transaction, the chief financial officer now owns 221,000 shares in the company, valued at approximately $2,685,150. This represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 58,164 shares of company stock worth $455,198 over the last quarter. Insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently made changes to their positions in SERV. Goldman Sachs Group Inc. lifted its position in Serve Robotics by 280.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock worth $1,709,000 after acquiring an additional 219,018 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 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 valued at $3,972,000 after buying an additional 584,302 shares during the last quarter. Bosun Asset Management LLC acquired a new position in Serve Robotics in the 1st quarter worth approximately $129,000. Cubist Systematic Strategies LLC acquired a new position in Serve Robotics in the 1st quarter worth approximately $2,064,000. Finally, PEAK6 LLC lifted its stake in Serve Robotics by 377.7% during the 1st quarter. PEAK6 LLC now owns 15,314 shares of the company's stock valued at $88,000 after acquiring 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.