Serve Robotics Inc. (NASDAQ:SERV) Receives $19.50 Consensus Price Target from Analysts

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has earned a consensus recommendation of "Strong Buy" from the five analysts that are presently covering the firm, MarketBeat 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 12 month price objective among brokers that have updated their coverage on the stock in the last year is $19.50.

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research report on Tuesday, February 18th.

Serve Robotics Price Performance

Shares of SERV traded up $0.08 during mid-day trading on Tuesday, reaching $7.01. 4,266,818 shares of the company's stock were exchanged, compared to its average volume of 9,644,228. The business's fifty day simple moving average is $13.57 and its 200-day simple moving average is $11.51. The stock has a market capitalization of $399.00 million and a PE ratio of -5.84. Serve Robotics has a 52-week low of $1.77 and a 52-week high of $24.35.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 7,500 shares of the business's stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $16.50, for a total transaction of $123,750.00. Following the transaction, the chief executive officer now directly owns 3,283,490 shares in the company, valued at $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 67,051 shares of company stock worth $1,207,671 over the last 90 days. 21.40% of the stock is currently owned by insiders.

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Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in SERV. Uber Technologies Inc acquired a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $71,534,000. Vanguard Group Inc. lifted its holdings in Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after acquiring an additional 544,537 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Serve Robotics during the 4th quarter worth $9,066,000. Legal & General Group Plc purchased a new stake in shares of Serve Robotics during the 4th quarter worth $6,629,000. Finally, Captrust Financial Advisors acquired a new position in shares of Serve Robotics during the 4th quarter worth $3,672,000.

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.