Serve Robotics (NASDAQ:SERV) Stock Price Up 1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded up 1% during trading on Friday . The company traded as high as $10.43 and last traded at $10.23. 1,275,479 shares traded hands during trading, a decline of 87% from the average session volume of 9,771,816 shares. The stock had previously closed at $10.13.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SERV shares. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday. They set a “buy” rating and a $16.00 price objective for the company. Aegis upgraded Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, Northland Securities began coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective for the company. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The business’s fifty day moving average price is $8.70.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.27) EPS for the quarter. The business had revenue of $0.47 million during the quarter. Serve Robotics had a negative net margin of 2,155.86% and a negative return on equity of 728.80%. On average, analysts forecast that Serve Robotics Inc. will post -0.96 earnings per share for the current year.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the company. Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $80,000. Harbour Capital Advisors LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $198,000. PFG Investments LLC acquired a new position in Serve Robotics during the 2nd quarter worth approximately $110,000. Finally, Thomist Capital Management LP acquired a new position in Serve Robotics during the 2nd quarter worth approximately $407,000.

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.