Serve Robotics (NASDAQ:SERV) Stock Price Up 1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s share price rose 1% during trading on Friday . The stock traded as high as $10.43 and last traded at $10.23. Approximately 1,275,479 shares were traded during trading, a decline of 87% from the average daily volume of 9,771,816 shares. The stock had previously closed at $10.13.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Up 0.1 %

The stock’s 50 day moving average is $8.70.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings data 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 728.80% and a negative net margin of 2,155.86%. The firm had revenue of $0.47 million for the quarter. As a group, research analysts forecast that Serve Robotics Inc. will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $38,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the third quarter worth $80,000. PFG Investments LLC acquired a new stake in Serve Robotics in the second quarter worth $110,000. Harbour Capital Advisors LLC bought a new stake in Serve Robotics in the third quarter valued at $198,000. Finally, Thomist Capital Management LP acquired a new position in shares of Serve Robotics during the second quarter valued at $407,000.

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.