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

Serve Robotics Inc. (NASDAQ:SERV) has earned an average rating of “Strong Buy” from the five ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a buy recommendation and three have assigned 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 $19.50.

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

Insider Buying and Selling

In related news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the transaction, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 173,978 shares of company stock worth $2,629,874 in the last three months. 21.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter valued at $68,000.

Serve Robotics Price Performance

NASDAQ SERV opened at $8.72 on Friday. Serve Robotics has a 12-month low of $1.77 and a 12-month high of $24.35. The firm has a 50-day moving average price of $16.14 and a two-hundred day moving average price of $11.79.

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.