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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has been assigned a consensus rating of "Strong Buy" from the five brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $19.50.

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

Serve Robotics Trading Up 1.2 %

SERV traded up $0.07 during trading hours on Friday, hitting $5.86. The company's stock had a trading volume of 2,688,824 shares, compared to its average volume of 9,270,469. The company has a 50-day simple moving average of $9.28 and a 200 day simple moving average of $11.32. The firm has a market capitalization of $333.54 million and a PE ratio of -4.88. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the transaction, the chief executive officer now directly owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. This trade represents a 0.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 11,369 shares of company stock valued at $90,704 over the last quarter. Corporate insiders own 21.40% of the company's stock.

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Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SERV. Uber Technologies Inc acquired a new stake in Serve Robotics in the 4th quarter valued at about $71,534,000. Vanguard Group Inc. raised its holdings in shares of Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in Serve Robotics during the fourth quarter valued at approximately $9,066,000. Legal & General Group Plc bought a new stake in Serve Robotics during the fourth quarter worth approximately $6,629,000. Finally, Captrust Financial Advisors bought a new stake in Serve Robotics during the fourth quarter worth approximately $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.