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

Serve Robotics Inc. (NASDAQ:SERV) has received a consensus recommendation of “Strong Buy” from the five brokerages that are currently covering the stock, Marketbeat.com 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 target price among analysts that have issued ratings on the stock in the last year is $16.00.

Several research firms have recently issued reports on SERV. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Securities started coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target on the stock. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the sale, the chief executive officer now owns 3,344,498 shares in the company, valued at $45,217,612.96. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 165,961 shares of company stock worth $1,751,058 over the last quarter. 21.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. PFG Investments LLC bought a new stake in shares of Serve Robotics in the 2nd quarter valued at about $110,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the second quarter valued at approximately $407,000. Bfsg LLC bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $38,000. Harbour Capital Advisors LLC acquired a new position in shares of Serve Robotics during the 3rd quarter worth approximately $198,000. Finally, Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics in the 3rd quarter valued at $9,636,000.

Serve Robotics Stock Up 15.3 %

Shares of Serve Robotics stock opened at $13.08 on Friday. The business has a fifty day simple moving average of $9.66 and a 200 day simple moving average of $7.92. Serve Robotics has a 12 month low of $1.77 and a 12 month high of $24.09.

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.