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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was up 5.1% during trading on Tuesday . The company traded as high as $9.98 and last traded at $9.93. Approximately 1,612,956 shares were traded during trading, a decline of 83% from the average daily volume of 9,692,859 shares. The stock had previously closed at $9.45.

Wall Street Analyst Weigh In

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

Serve Robotics Trading Up 3.9 %

The business has a fifty day simple moving average of $8.70.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bfsg LLC purchased a new position in shares of Serve Robotics in the third quarter valued at approximately $38,000. Quantum Private Wealth LLC purchased a new position in Serve Robotics in the 3rd quarter valued at $80,000. PFG Investments LLC acquired a new stake in Serve Robotics during the 2nd quarter worth $110,000. GSA Capital Partners LLP acquired a new stake in shares of Serve Robotics in the third quarter valued at about $152,000. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Serve Robotics in the third quarter worth about $198,000.

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.