Serve Robotics (NASDAQ:SERV) Trading 3.9% Higher – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price shot up 3.9% during trading on Wednesday . The company traded as high as $12.35 and last traded at $12.14. 2,731,035 shares changed hands during trading, a decline of 72% from the average session volume of 9,829,027 shares. The stock had previously closed at $11.68.

Analyst Ratings Changes

A number of research firms recently commented on SERV. Northland Securities began coverage on Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price for the company. Aegis raised Serve Robotics to a “strong-buy” rating in a report on Wednesday, July 24th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday. They issued a “buy” rating and a $16.00 price target for the company. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. 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 an average target price of $16.00.

Serve Robotics Price Performance

The business’s 50 day simple moving average is $8.70.

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

Institutional Trading of Serve Robotics

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

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.