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

Serve Robotics Inc. (NASDAQ:SERV) has been given a consensus rating of “Strong Buy” by the six ratings firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 12 month price objective among analysts 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 report on Thursday, May 22nd. They issued an “overweight” rating on the stock.

Serve Robotics Stock Performance

SERV opened at $11.44 on Thursday. Serve Robotics has a one year low of $1.82 and a one year high of $24.35. The company has a market cap of $652.19 million, a P/E ratio of -10.79 and a beta of 1.67. The business’s 50-day simple moving average is $9.68 and its 200-day simple moving average is $11.29.

Insider Activity at Serve Robotics

In related news, CFO Brian Read sold 29,100 shares of the company’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value 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. This represents a 10.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the company’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the sale, the director now directly owns 50,725 shares of the company’s stock, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,883 shares of company stock valued at $572,181 in the last three months. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. acquired a new stake in Serve Robotics during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the 4th quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics during the 1st quarter worth approximately $49,000. KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics during the 1st quarter worth approximately $49,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after buying an additional 1,545 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.