Serve Robotics (NASDAQ:SERV) Stock Price Up 1.5% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shot up 1.5% during trading on Friday . The company traded as high as $8.71 and last traded at $8.59. 841,488 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 9,293,729 shares. The stock had previously closed at $8.46.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SERV shares. Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. 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. Based on data from MarketBeat, Serve Robotics presently has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Stock Performance

The company’s 50-day moving average price is $8.95 and its 200-day moving average price is $7.16.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the business. PFG Investments LLC acquired a new position in shares of Serve Robotics in the second quarter worth $110,000. Thomist Capital Management LP purchased a new position in Serve Robotics in the second quarter valued at $407,000. Bfsg LLC acquired a new position in Serve Robotics during the 3rd quarter worth $38,000. Harbour Capital Advisors LLC purchased a new stake in Serve Robotics during the 3rd quarter worth about $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter valued at about $9,636,000.

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.