Brokerages Set Serve Robotics Inc. (NASDAQ:SERV) PT at $16.00

Shares of Serve Robotics Inc. (NASDAQ:SERV) have earned an average recommendation of “Strong Buy” from the five analysts that are currently covering the company, MarketBeat.com reports. Two equities 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 price objective among brokerages that have updated their coverage on the stock in the last year is $16.00.

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

Serve Robotics Price Performance

NASDAQ:SERV opened at $13.08 on Friday. The stock has a 50 day simple moving average of $9.66 and a 200 day simple moving average of $7.92. Serve Robotics has a 1-year low of $1.77 and a 1-year high of $24.09.

Insiders Place Their Bets

In related news, CEO Ali Kashani sold 2,500 shares of the firm’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 directly owns 3,344,498 shares of the company’s stock, valued at $45,217,612.96. This trade 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 link. Also, COO Touraj Parang sold 50,000 shares of the business’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 transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 165,961 shares of company stock worth $1,751,058 over the last ninety days. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. PFG Investments LLC bought a new stake in shares of Serve Robotics during the second quarter worth $110,000. Thomist Capital Management LP bought a new stake in Serve Robotics during the 2nd quarter worth $407,000. Bfsg LLC bought 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 during the third quarter worth about $198,000. Finally, 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.

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.