Analysts Set Serve Robotics Inc. (NASDAQ:SERV) PT at $18.67

Shares of Serve Robotics Inc. (NASDAQ:SERV) have been given an average rating of “Buy” by the five analysts that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $18.67.

Separately, Cantor Fitzgerald assumed coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an “overweight” rating for the company.

Insider Transactions at Serve Robotics

In related news, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the transaction, the director owned 50,725 shares of the company’s stock, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the completion of the transaction, the chief financial officer directly owned 240,900 shares in the company, valued at $1,700,754. This represents a 10.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,751 shares of company stock worth $572,318 in the last three months. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. purchased a new position in Serve Robotics during the 2nd quarter valued at about $240,000. Exchange Traded Concepts LLC grew its stake in Serve Robotics by 12.9% during the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company’s stock valued at $11,397,000 after acquiring an additional 113,761 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Serve Robotics by 280.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company’s stock valued at $1,709,000 after acquiring an additional 219,018 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after acquiring an additional 584,302 shares in the last quarter. Finally, Bosun Asset Management LLC purchased a new position in Serve Robotics during the 1st quarter valued at about $129,000.

Serve Robotics Stock Up 2.2%

Shares of SERV stock opened at $11.65 on Monday. The stock has a 50-day simple moving average of $11.26 and a 200 day simple moving average of $10.71. Serve Robotics has a fifty-two week low of $4.66 and a fifty-two week high of $24.35. The stock has a market capitalization of $664.17 million, a P/E ratio of -10.99 and a beta of 0.13.

About Serve Robotics

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.