Serve Robotics (NASDAQ:SERV) Coverage Initiated at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics (NASDAQ:SERV) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $16.00 price target on the stock.

Several other research firms have also recently issued reports on SERV. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Securities initiated coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective on the stock. Aegis raised shares of Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Serve Robotics currently has an average rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

Shares of Serve Robotics stock opened at $10.13 on Monday. The stock has a fifty day moving average price of $8.70. Serve Robotics has a 12-month low of $1.77 and a 12-month high of $24.09.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. Serve Robotics had a negative return on equity of 728.80% and a negative net margin of 2,155.86%. The business had revenue of $0.47 million during the quarter. Research analysts expect that Serve Robotics will post -0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PFG Investments LLC purchased a new stake in shares of Serve Robotics in the 2nd quarter worth about $110,000. Thomist Capital Management LP purchased a new stake in Serve Robotics in the second quarter worth about $407,000. Bfsg LLC bought a new position in shares of Serve Robotics during the third quarter valued at approximately $38,000. Harbour Capital Advisors LLC purchased a new position in shares of Serve Robotics during the third quarter valued at approximately $198,000. Finally, Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $9,636,000.

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.