Serve Robotics (NASDAQ:SERV) Upgraded at Cantor Fitzgerald

Serve Robotics (NASDAQ:SERV) was upgraded by stock analysts at Cantor Fitzgerald to a “strong-buy” rating in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage presently has a $17.00 price objective on the stock. Cantor Fitzgerald’s target price points to a potential upside of 46.17% from the stock’s current price.

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and an average price target of $18.67.

Serve Robotics Stock Up 21.1%

NASDAQ SERV opened at $11.63 on Thursday. The firm has a 50-day moving average price of $6.82 and a two-hundred day moving average price of $10.88. Serve Robotics has a 12-month low of $1.77 and a 12-month high of $24.35. The company has a market capitalization of $662.99 million and a P/E ratio of -10.97.

Insider Buying and Selling

In related news, CFO Brian Read sold 8,900 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $8.95, for a total transaction of $79,655.00. Following the sale, the chief financial officer now owns 225,000 shares in the company, valued at approximately $2,013,750. This trade represents a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the transaction, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. This trade represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,834 shares of company stock worth $447,179. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Uber Technologies Inc acquired a new position in shares of Serve Robotics during the 4th quarter worth $71,534,000. Capital Fund Management S.A. bought a new position in Serve Robotics in the first quarter valued at about $4,244,000. Exchange Traded Concepts LLC acquired a new position in Serve Robotics during the fourth quarter worth about $9,066,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Serve Robotics by 616.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock worth $3,972,000 after acquiring an additional 584,302 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after purchasing an additional 544,537 shares in the last quarter.

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.