Serve Robotics Inc. (NASDAQ:SERV) Receives $19.50 Average Target Price from Analysts

Shares of Serve Robotics Inc. (NASDAQ:SERV) have been assigned an average recommendation of “Strong Buy” from the five brokerages that are currently covering the stock, MarketBeat.com 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 price target among brokerages that have issued ratings on the stock in the last year is $19.50.

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

Insider Transactions at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 7,000 shares of Serve Robotics stock in a transaction on Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the completion of the transaction, the chief financial officer now directly owns 233,900 shares of the company’s stock, valued at $1,878,217. The trade was a 2.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 3,713 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the sale, the chief executive officer now directly owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. This represents a 0.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,934 shares of company stock worth $367,524. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Blue Trust Inc. bought a new position in Serve Robotics during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC bought a new position in Serve Robotics during the fourth quarter worth $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics in the fourth quarter valued at $37,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics during the first quarter valued at $49,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics during the 1st quarter worth about $49,000.

Serve Robotics Trading Up 13.7%

Shares of SERV stock opened at $7.46 on Wednesday. Serve Robotics has a 1 year low of $1.77 and a 1 year high of $24.35. The firm’s 50 day moving average is $6.40 and its 200-day moving average is $10.94. The firm has a market capitalization of $425.27 million and a price-to-earnings ratio of -6.22.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The firm had revenue of $0.44 million for the quarter, compared to the consensus estimate of $0.49 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. On average, equities research analysts forecast that Serve Robotics will post -0.98 earnings per share for the current fiscal year.

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.