Serve Robotics (NASDAQ:SERV) Trading 6.2% Higher – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 6.2% during trading on Tuesday . The company traded as high as $8.60 and last traded at $8.53. 1,751,776 shares changed hands during trading, a decline of 81% from the average session volume of 9,419,164 shares. The stock had previously closed at $8.03.

Wall Street Analysts Forecast Growth

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

Serve Robotics Price Performance

The stock’s 50 day moving average price is $8.93 and its two-hundred day moving average price is $7.08.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of the stock. Larson Financial Group LLC acquired a new position in Serve Robotics during the 3rd quarter valued at $26,000. Bfsg LLC acquired a new position in Serve Robotics during the 3rd quarter valued at $38,000. Gordian Capital Singapore Pte Ltd acquired a new position in Serve Robotics during the 3rd quarter valued at $68,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics during the 3rd quarter valued at $80,000. Finally, Quadrature Capital Ltd bought a new stake in Serve Robotics in the 3rd quarter valued at $148,000.

Serve Robotics Company Profile

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.