Serve Robotics Inc. (NASDAQ:SERV) Given Average Rating of “Strong Buy” by Brokerages

Serve Robotics Inc. (NASDAQ:SERV) has been assigned a consensus rating of “Strong Buy” from the five research firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $19.50.

A number of equities research analysts have weighed in on SERV shares. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Northland Securities raised their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 in the last ninety days. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of large investors have recently made changes to their positions in the company. State Street Corp acquired a new position in Serve Robotics during the 3rd quarter worth approximately $333,000. Geode Capital Management LLC increased its holdings in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in Serve Robotics in the fourth quarter valued at $9,066,000. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the 3rd quarter worth about $9,636,000. Finally, One Wealth Management Investment & Advisory Services LLC acquired a new position in shares of Serve Robotics during the 4th quarter worth about $154,000.

Serve Robotics Stock Performance

Shares of NASDAQ SERV opened at $19.26 on Monday. Serve Robotics has a 1 year low of $1.77 and a 1 year high of $24.35. The company has a 50 day simple moving average of $13.92 and a 200-day simple moving average of $10.93.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). The company had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.36 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. On average, analysts anticipate that Serve Robotics will post -0.98 EPS 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.