Serve Robotics Inc. (NASDAQ:SERV) Receives $19.50 Average PT from Brokerages

Serve Robotics Inc. (NASDAQ:SERV) has earned an average rating of “Strong Buy” from the five brokerages that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report 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 note on Tuesday, February 18th.

Serve Robotics Trading Up 9.0 %

Shares of Serve Robotics stock opened at $5.79 on Friday. The company has a fifty day simple moving average of $9.28 and a 200-day simple moving average of $11.32. Serve Robotics has a 12-month low of $1.77 and a 12-month high of $24.35. The stock has a market cap of $329.56 million and a price-to-earnings ratio of -4.83.

Insider Activity

In related news, CEO Ali Kashani sold 3,713 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the transaction, the chief executive officer now owns 3,225,852 shares in the company, valued at $29,710,096.92. The trade was a 0.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 11,369 shares of company stock valued at $90,704 in the last ninety days. 21.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Uber Technologies Inc purchased a new position in Serve Robotics in the 4th quarter valued at $71,534,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics in the 4th quarter worth $9,066,000. Vanguard Group Inc. boosted its holdings in shares of 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 in the last quarter. Legal & General Group Plc acquired a new position in shares of Serve Robotics during the fourth quarter worth about $6,629,000. Finally, Captrust Financial Advisors purchased a new position in Serve Robotics during the fourth quarter worth about $3,672,000.

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.