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

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received an average rating of “Strong Buy” from the five ratings firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $16.00.

Several research firms recently issued reports on SERV. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Northland Securities assumed coverage on Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ali Kashani sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $16.50, for a total value of $123,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,283,490 shares of the company’s stock, valued at $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,462 shares of company stock worth $2,375,472 in the last quarter. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently modified their holdings of the stock. State Street Corp bought a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $333,000. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics during the 2nd quarter worth approximately $407,000. PFG Investments LLC bought a new stake in shares of Serve Robotics during the 2nd quarter worth approximately $110,000. Finally, Bfsg LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $38,000.

Serve Robotics Trading Up 20.3 %

NASDAQ:SERV opened at $22.89 on Thursday. Serve Robotics has a 12-month low of $1.77 and a 12-month high of $24.35. The stock has a 50-day moving average price of $11.61 and a 200 day moving average price of $9.43.

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.