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

Serve Robotics Inc. (NASDAQ:SERV)’s share price shot up 5.1% during mid-day trading on Tuesday . The stock traded as high as $9.98 and last traded at $9.93. 1,612,956 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 9,692,859 shares. The stock had previously closed at $9.45.

Analysts Set New Price Targets

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

Serve Robotics Price Performance

The company has a 50-day moving average price of $8.70.

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

Institutional Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in SERV. GSA Capital Partners LLP bought a new stake in Serve Robotics in the third quarter worth $152,000. Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics in the 3rd quarter worth about $80,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter worth about $9,636,000. Harbour Capital Advisors LLC purchased a new position in shares of Serve Robotics during the 3rd quarter worth about $198,000. Finally, Bfsg LLC bought a new position in Serve Robotics during the 3rd quarter valued at about $38,000.

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.