Serve Robotics (NASDAQ:SERV) Upgraded by Cantor Fitzgerald to "Strong-Buy" Rating

Serve Robotics (NASDAQ:SERV - Get Free Report) was upgraded by Cantor Fitzgerald to a "strong-buy" rating in a report issued on Thursday, Marketbeat reports. The brokerage currently has a $17.00 target price on the stock. Cantor Fitzgerald's target price indicates a potential upside of 38.14% from the stock's current price.

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, Serve Robotics presently has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

Serve Robotics stock traded up $0.97 during trading on Thursday, hitting $12.31. The company's stock had a trading volume of 7,565,981 shares, compared to its average volume of 8,028,282. The stock's fifty day moving average is $6.98 and its 200 day moving average is $10.92. Serve Robotics has a 1-year low of $1.82 and a 1-year high of $24.35. The stock has a market capitalization of $701.53 million and a price-to-earnings ratio of -11.61.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the sale, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. The trade was a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian Read sold 29,100 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the sale, the chief financial officer now directly owns 240,900 shares of the company's stock, valued at $1,700,754. The trade was a 10.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,834 shares of company stock worth $458,699 in the last ninety days. Insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in SERV. Atomi Financial Group Inc. acquired a new stake in Serve Robotics in the 4th quarter valued at $209,000. SG Americas Securities LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth about $114,000. One Wealth Management Investment & Advisory Services LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at about $154,000. Exchange Traded Concepts LLC purchased a new stake in shares of Serve Robotics during the 4th quarter valued at about $9,066,000. Finally, Blue Trust Inc. acquired a new position in Serve Robotics during the 4th quarter worth approximately $27,000.

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.