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

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received an average recommendation of “Strong Buy” from the five research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $19.50.

Several research firms recently issued reports on SERV. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Northland Securities upped their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th.

Insider Activity at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 253,027 shares of company stock valued at $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bfsg LLC purchased a new position in Serve Robotics in the third quarter valued at about $38,000. Harbour Capital Advisors LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $198,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $9,636,000. Quantum Private Wealth LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $80,000. Finally, GSA Capital Partners LLP bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $152,000.

Serve Robotics Stock Performance

Shares of SERV opened at $16.11 on Monday. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The firm’s 50-day simple moving average is $14.27 and its two-hundred day simple moving average is $11.20.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). The company had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, equities analysts expect that Serve Robotics will post -0.98 earnings per share for the current fiscal year.

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.