Serve Robotics Inc. (NASDAQ:SERV) Receives $18.67 Average Target Price from Analysts

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has 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 assigned 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.

Separately, Cantor Fitzgerald assumed coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating on the stock.

Serve Robotics Price Performance

SERV traded down $0.61 during trading on Monday, reaching $11.09. 7,393,396 shares of the stock traded hands, compared to its average volume of 9,556,803. The stock has a market cap of $632.24 million, a price-to-earnings ratio of -10.46 and a beta of 0.13. Serve Robotics has a fifty-two week low of $4.66 and a fifty-two week high of $24.35. The stock's 50-day simple moving average is $11.06 and its two-hundred day simple moving average is $10.89.

Insider Activity

In related news, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the sale, the director owned 50,725 shares of the company's stock, valued at approximately $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $12.59, for a total value of $25,180.00. Following the transaction, the chief financial officer owned 217,705 shares of the company's stock, valued at $2,740,905.95. The trade was a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,751 shares of company stock worth $572,318 in the last three months. Company insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently made changes to their positions in the stock. Uber Technologies Inc acquired a new position in shares of Serve Robotics during the fourth quarter worth $71,534,000. Vanguard Group Inc. increased 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 valued at $17,203,000 after buying an additional 544,537 shares during the period. Exchange Traded Concepts LLC grew its holdings in Serve Robotics by 12.9% during the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock worth $11,397,000 after acquiring an additional 113,761 shares during the period. Capital Fund Management S.A. bought a new position in shares of Serve Robotics during the 1st quarter worth about $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after purchasing an additional 584,302 shares in the last quarter.

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.