Analysts Set Serve Robotics Inc. (NASDAQ:SERV) Target Price at $16.00

Shares of Serve Robotics Inc. (NASDAQ:SERV) have been given an average rating of “Strong Buy” by the five brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $16.00.

Several research firms recently weighed in on SERV. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Capmk raised shares of 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 report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective for the company.

Serve Robotics Stock Up 14.7 %

SERV opened at $13.74 on Friday. Serve Robotics has a twelve month low of $1.77 and a twelve month high of $24.09. The company has a 50-day simple moving average of $9.30 and a 200 day simple moving average of $7.67.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares of the company’s stock, valued at $45,217,612.96. This represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were 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 directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 165,961 shares of company stock valued at $1,751,058. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics in the third quarter valued at approximately $9,636,000. Thomist Capital Management LP acquired a new stake in Serve Robotics during the 2nd quarter valued at approximately $407,000. Geode Capital Management LLC increased its position in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. PFG Investments LLC acquired a new stake in Serve Robotics during the 2nd quarter valued at approximately $110,000. Finally, State Street Corp acquired a new stake in Serve Robotics during the 3rd quarter valued at approximately $333,000.

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.