Serve Robotics Inc. (NASDAQ:SERV) Receives Average Rating of “Strong Buy” from Brokerages

Shares of Serve Robotics Inc. (NASDAQ:SERV) have been given an average recommendation of “Strong Buy” by the five ratings firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $19.50.

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a report on Tuesday, February 18th.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $14.70, for a total transaction of $36,750.00. Following the transaction, the chief executive officer now owns 3,295,990 shares in the company, valued at approximately $48,451,053. This trade represents a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 68,031 shares of company stock worth $1,245,905. 21.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SERV. GSA Capital Partners LLP purchased a new position in Serve Robotics during the third quarter valued at approximately $152,000. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth $26,000. Quadrature Capital Ltd bought a new position in shares of Serve Robotics in the 3rd quarter worth $148,000. State Street Corp purchased a new stake in shares of Serve Robotics during the 3rd quarter worth $333,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics during the third quarter valued at about $68,000.

Serve Robotics Trading Up 2.2 %

NASDAQ:SERV opened at $7.83 on Tuesday. The stock has a fifty day simple moving average of $14.19 and a 200-day simple moving average of $11.58. The company has a market cap of $445.67 million and a price-to-earnings ratio of -6.53. Serve Robotics has a twelve month low of $1.77 and a twelve month 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.