Serve Robotics Inc. (NASDAQ:SERV) Receives Consensus Rating of “Strong Buy” from Brokerages

Serve Robotics Inc. (NASDAQ:SERV) has received a consensus recommendation of “Strong Buy” from the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year price objective 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 shares of Serve Robotics in a research report on Tuesday, February 18th.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at approximately $29,710,096.92. This trade represents a 0.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 11,369 shares of company stock valued at $90,704. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of SERV. Blue Trust Inc. purchased a new position in shares of Serve Robotics during the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics during the 4th quarter valued at $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the fourth quarter worth $37,000. Jefferies Financial Group Inc. lifted its holdings in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after purchasing an additional 4,000 shares in the last quarter. Finally, DnB Asset Management AS grew its holdings in Serve Robotics by 52.3% during the 4th quarter. DnB Asset Management AS now owns 21,356 shares of the company’s stock valued at $288,000 after buying an additional 7,336 shares in the last quarter.

Serve Robotics Stock Up 0.4 %

Shares of Serve Robotics stock opened at $5.31 on Friday. The company has a 50-day simple moving average of $9.48 and a two-hundred day simple moving average of $11.31. Serve Robotics has a twelve month low of $1.77 and a twelve month high of $24.35. The stock has a market capitalization of $302.23 million and a price-to-earnings ratio of -4.43.

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.