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

Shares of Serve Robotics Inc. (NASDAQ:SERV) have been assigned an average rating of “Strong Buy” from the five brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $19.50.

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

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. This trade represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 62,051 shares of company stock worth $1,134,921. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Uber Technologies Inc bought a new stake in Serve Robotics during the fourth quarter valued at $71,534,000. Vanguard Group Inc. boosted its holdings in shares of 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 buying an additional 544,537 shares during the period. Exchange Traded Concepts LLC bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $9,066,000. Legal & General Group Plc acquired a new stake in Serve Robotics during the fourth quarter worth about $6,629,000. Finally, Captrust Financial Advisors acquired a new stake in Serve Robotics during the fourth quarter worth about $3,672,000.

Serve Robotics Stock Performance

Serve Robotics stock opened at $7.79 on Tuesday. The firm has a market capitalization of $443.39 million and a price-to-earnings ratio of -6.49. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The stock’s fifty day moving average is $13.20 and its two-hundred day moving average is $11.55.

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.