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

Serve Robotics Inc. (NASDAQ:SERV) has been given an average rating of “Strong Buy” by the five ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $19.50.

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a report on Tuesday, February 18th.

Serve Robotics Stock Down 6.9 %

Serve Robotics stock opened at $8.72 on Friday. Serve Robotics has a 1-year low of $1.77 and a 1-year high of $24.35. The firm’s fifty day moving average price is $16.14 and its two-hundred day moving average price is $11.79.

Insider Buying and Selling

In related news, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,978 shares of company stock worth $2,629,874. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the third quarter worth about $9,636,000. Quantum Private Wealth LLC bought a new position in Serve Robotics during the third quarter worth about $80,000. GSA Capital Partners LLP bought a new position in Serve Robotics during the third quarter worth about $152,000. Larson Financial Group LLC bought a new position in Serve Robotics during the third quarter worth about $26,000. Finally, Quadrature Capital Ltd bought a new position in Serve Robotics during the third quarter worth about $148,000.

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.