Serve Robotics Inc. (NASDAQ:SERV) Given Consensus Rating of “Strong Buy” by Brokerages

Shares of Serve Robotics Inc. (NASDAQ:SERV) have been assigned a consensus rating of “Strong Buy” from the five research firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.50.

Several research analysts have weighed in on SERV shares. Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock.

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the firm’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 transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This trade represents a 4.12 % 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. Also, CEO Ali Kashani sold 31,791 shares of Serve Robotics stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.39, for a total transaction of $362,099.49. Following the completion of the transaction, the chief executive officer now directly owns 3,346,998 shares in the company, valued at approximately $38,122,307.22. This represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,793 shares of company stock valued at $2,733,515. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently modified their holdings of the company. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter valued at approximately $26,000. Blue Trust Inc. bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics in the third quarter valued at approximately $68,000.

Serve Robotics Stock Down 1.9 %

NASDAQ SERV opened at $13.10 on Friday. Serve Robotics has a 1-year low of $1.77 and a 1-year high of $24.35. The firm’s fifty day simple moving average is $16.57 and its 200-day simple moving average is $11.94.

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.