Serve Robotics Inc. (NASDAQ:SERV) Receives $16.00 Average Price Target from Analysts

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) have received a consensus recommendation of "Strong Buy" from the five ratings firms that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $16.00.

SERV has been the topic of several research reports. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They issued an "outperform" rating and a $16.00 price objective on the stock. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price target on the stock.

Serve Robotics Stock Performance

Shares of Serve Robotics stock traded up $2.27 during trading on Friday, reaching $11.80. The stock had a trading volume of 20,026,438 shares, compared to its average volume of 4,657,577. The stock has a fifty day moving average price of $9.22 and a two-hundred day moving average price of $7.57. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.09.

Insider Buying and Selling

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares of the company's stock, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,337 shares of company stock worth $690,974. Company insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics during the 2nd quarter worth approximately $407,000. PFG Investments LLC acquired a new position in Serve Robotics in the 2nd quarter valued at approximately $110,000. Bfsg LLC bought a new position in shares of Serve Robotics during the third quarter valued at $38,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Serve Robotics in the third quarter valued at about $152,000.

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.