Serve Robotics (NASDAQ:SERV) Trading Up 5.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 5.1% during mid-day trading on Friday . The stock traded as high as $8.25 and last traded at $8.25. 1,269,111 shares were traded during trading, a decline of 87% from the average session volume of 9,500,764 shares. The stock had previously closed at $7.85.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SERV shares. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Aegis raised shares of Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Securities started coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Serve Robotics has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Performance

The company’s 50-day moving average is $8.82.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share for the quarter. The business had revenue of $0.47 million for the quarter. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, analysts predict that Serve Robotics Inc. will post -0.95 earnings per share for the current year.

Institutional Trading of Serve Robotics

Institutional investors have recently added to or reduced their stakes in the stock. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter worth $9,636,000. Thomist Capital Management LP acquired a new position in Serve Robotics during the 2nd quarter worth about $407,000. PFG Investments LLC purchased a new position in Serve Robotics during the 2nd quarter valued at about $110,000. Bfsg LLC acquired a new position in Serve Robotics in the 3rd quarter valued at about $38,000. Finally, Harbour Capital Advisors LLC purchased a new stake in Serve Robotics during the third quarter worth about $198,000.

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.