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

Serve Robotics Inc. (NASDAQ:SERV) has received a consensus recommendation of “Strong Buy” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $18.67.

SERV has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They issued an “overweight” rating for the company. Northland Securities set a $23.00 target price on shares of Serve Robotics in a report on Tuesday, February 18th.

Insider Activity at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 3,000 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total transaction of $36,450.00. Following the completion of the sale, the chief financial officer now owns 221,000 shares of the company’s stock, valued at $2,685,150. This trade represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 58,164 shares of company stock valued at $455,198. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Uber Technologies Inc bought a new position in Serve Robotics in the 4th quarter valued at about $71,534,000. Capital Fund Management S.A. bought a new position in shares of Serve Robotics during the first quarter worth approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 during the last quarter. Vanguard Group Inc. boosted its stake in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after purchasing an additional 544,537 shares during the period. Finally, Legal & General Group Plc acquired a new position in Serve Robotics in the 4th quarter valued at $6,629,000.

Serve Robotics Stock Down 3.3%

Shares of Serve Robotics stock opened at $11.55 on Friday. The business has a fifty day simple moving average of $7.57 and a 200 day simple moving average of $11.05. The stock has a market cap of $658.43 million and a PE ratio of -10.90. Serve Robotics has a 12 month low of $1.82 and a 12 month high of $24.35.

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.