Serve Robotics Inc. (NASDAQ:SERV) Receives $19.50 Average PT from Analysts

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) have been given a consensus recommendation of "Strong Buy" by the five analysts that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $19.50.

A number of brokerages have weighed in on SERV. Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a report on Monday, October 28th. They set a "buy" rating and a $16.00 price objective on the stock. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. Finally, Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th.

Serve Robotics Stock Performance

SERV stock traded up $0.23 during trading on Monday, hitting $16.34. The company had a trading volume of 5,346,798 shares, compared to its average volume of 12,705,695. The business has a 50 day moving average of $14.42 and a 200 day moving average of $11.24. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The company had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. Sell-side analysts predict that Serve Robotics will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In other news, Director James Buckly Jordan sold 64,408 shares of the company's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock worth $3,309,166 in the last 90 days. Company insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics in the third quarter worth approximately $9,636,000. Exchange Traded Concepts LLC bought a new stake in Serve Robotics during the fourth quarter worth approximately $9,066,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock worth $1,041,000 after purchasing an additional 73,496 shares during the period. State Street Corp bought a new stake in Serve Robotics during the third quarter worth approximately $333,000. Finally, Tidal Investments LLC bought a new stake in Serve Robotics during the third quarter worth approximately $262,000.

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.