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 presently covering the stock, Marketbeat Ratings reports. Two 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 target price among analysts that have covered the stock in the last year is $19.50.

Several equities research analysts have recently commented on the stock. Northland Securities boosted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH assumed 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 on the stock.

Serve Robotics Stock Performance

Shares of NASDAQ:SERV opened at $13.10 on Friday. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.35. The company’s fifty day moving average is $16.57 and its 200-day moving average is $11.94.

Insider Buying and Selling

In related news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,793 shares of company stock worth $2,733,515 in the last 90 days. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new stake in Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics during the 4th quarter worth about $34,000. Bogart Wealth LLC bought a new stake in Serve Robotics during the 4th quarter worth about $37,000. Larson Financial Group LLC bought a new stake in Serve Robotics during the 3rd quarter worth about $26,000. Finally, Jefferies Financial Group Inc. raised its holdings in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after purchasing an additional 4,000 shares during the last quarter.

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.