Analysts Set Serve Robotics Inc. (NASDAQ:SERV) Price Target at $19.50

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

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

Serve Robotics Price Performance

Shares of SERV stock traded up $0.78 on Tuesday, hitting $7.79. 5,022,436 shares of the stock traded hands, compared to its average volume of 9,622,973. Serve Robotics has a 1-year low of $1.77 and a 1-year high of $24.35. The company's fifty day moving average is $13.34 and its 200 day moving average is $11.55. The company has a market capitalization of $443.39 million and a PE ratio of -6.49.

Insiders Place Their Bets

In related news, CEO Ali Kashani sold 5,000 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $14.55, for a total value of $72,750.00. Following the sale, the chief executive officer now owns 3,290,990 shares of the company's stock, valued at $47,883,904.50. This trade represents a 0.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 67,051 shares of company stock valued at $1,207,671 over the last three months. Company insiders own 21.40% of the company's stock.

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Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jefferies Financial Group Inc. raised its holdings in shares of Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after buying an additional 4,000 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Serve Robotics in the 4th quarter valued at approximately $815,000. Tidal Investments LLC raised its stake in Serve Robotics by 57.6% during the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company's stock valued at $700,000 after acquiring an additional 18,948 shares in the last quarter. Man Group plc acquired a new position in Serve Robotics during the 4th quarter worth $467,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Serve Robotics in the fourth quarter worth $431,000.

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.