Serve Robotics (NASDAQ:SERV) Trading Up 5.1% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded up 5.1% on Friday . The company traded as high as $8.25 and last traded at $8.25. 1,269,111 shares changed hands during trading, a decline of 87% from the average session volume of 9,500,764 shares. The stock had previously closed at $7.85.

Wall Street Analyst Weigh In

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

Serve Robotics Price Performance

The company’s 50-day moving average price is $8.82.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The business had revenue of $0.47 million for the quarter. As a group, research analysts anticipate that Serve Robotics Inc. will post -0.95 EPS for the current year.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently made changes to their positions in SERV. PFG Investments LLC purchased a new position in shares of Serve Robotics in the 2nd quarter valued at approximately $110,000. Thomist Capital Management LP purchased a new position in Serve Robotics in the 2nd quarter valued at $407,000. Bfsg LLC acquired a new position in Serve Robotics in the 3rd quarter valued at $38,000. Harbour Capital Advisors LLC purchased a new position in Serve Robotics during the 3rd quarter worth $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter worth $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.