LADENBURG THALM/SH SH Begins Coverage on Serve Robotics (NASDAQ:SERV)

LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics (NASDAQ:SERV) in a research note released on Monday, MarketBeat reports. The firm issued a buy rating and a $16.00 price target on the stock.

Other analysts have also issued research reports about the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Securities initiated coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Aegis upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Serve Robotics currently has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

NASDAQ:SERV opened at $10.13 on Monday. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.09. The company’s 50-day moving average price is $8.70.

Serve Robotics (NASDAQ:SERV) last announced its quarterly 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 firm had revenue of $0.47 million for the quarter. Equities research analysts expect that Serve Robotics will post -0.95 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bfsg LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at about $38,000. Harbour Capital Advisors LLC bought a new stake in Serve Robotics during the third quarter valued at approximately $198,000. PFG Investments LLC purchased a new stake in Serve Robotics during the second quarter valued at approximately $110,000. Thomist Capital Management LP purchased a new stake in Serve Robotics during the second quarter valued at approximately $407,000. Finally, Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics in the third quarter worth approximately $9,636,000.

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.