Brokerages Set Serve Robotics Inc. (NASDAQ:SERV) Price Target at $18.67

Serve Robotics Inc. (NASDAQ:SERV) has earned an average rating of “Strong Buy” from the six research firms that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $18.67.

Several equities research analysts recently issued reports on the company. Northland Securities set a $23.00 price target on Serve Robotics in a research note on Tuesday, February 18th. Cantor Fitzgerald initiated coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an “overweight” rating for the company.

Serve Robotics Stock Down 3.3%

Shares of Serve Robotics stock opened at $11.55 on Friday. The stock has a market capitalization of $658.43 million and a price-to-earnings ratio of -10.90. Serve Robotics has a twelve month low of $1.82 and a twelve month high of $24.35. The company has a 50-day simple moving average of $7.57 and a two-hundred day simple moving average of $11.05.

Insider Transactions at Serve Robotics

In other news, CFO Brian Read sold 7,000 shares of Serve Robotics stock in a transaction on Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the transaction, the chief financial officer now owns 233,900 shares in the company, valued at approximately $1,878,217. This trade represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 58,164 shares of company stock valued at $455,198. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of the business. Uber Technologies Inc bought a new position in Serve Robotics in the fourth quarter valued at about $71,534,000. Capital Fund Management S.A. acquired a new stake in shares of Serve Robotics in the 1st quarter valued at approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after purchasing an additional 584,302 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after purchasing an additional 544,537 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in Serve Robotics during the 4th quarter worth approximately $6,629,000.

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.