Serve Robotics Inc. (NASDAQ:SERV) Given Consensus Recommendation of "Strong Buy" by Analysts

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

A number of equities research analysts recently weighed in on the company. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock.

Insider Activity

In related news, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction 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. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,793 shares of company stock worth $2,733,515 in the last quarter. 21.40% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Several large investors have recently modified their holdings of the company. Blue Trust Inc. purchased a new stake in Serve Robotics during the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics in the 4th quarter worth $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $37,000. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at about $26,000. Finally, Jefferies Financial Group Inc. grew its position in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after acquiring an additional 4,000 shares during the period.

Serve Robotics Price Performance

Shares of SERV traded down $1.09 on Friday, hitting $12.01. The company's stock had a trading volume of 8,096,240 shares, compared to its average volume of 13,479,813. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The firm's fifty day moving average price is $16.57 and its 200-day moving average price is $11.94.

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.