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

Serve Robotics Inc. (NASDAQ:SERV) has been given an average recommendation of “Strong Buy” by the five ratings firms that are currently 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 12 month price target among analysts that have covered 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 Stock Down 6.4 %

Shares of NASDAQ:SERV opened at $6.93 on Tuesday. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.35. The stock has a market capitalization of $394.44 million and a P/E ratio of -5.78. The firm has a fifty day simple moving average of $13.57 and a two-hundred day simple moving average of $11.51.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the business’s stock in a transaction dated 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 directly owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. The trade was a 0.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 67,051 shares of company stock valued at $1,207,671. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC purchased a new stake in Serve Robotics in the 3rd quarter valued at about $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics in the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $68,000.

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.