Serve Robotics (NASDAQ:SERV) Trading 6.2% Higher – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares shot up 6.2% on Tuesday . The stock traded as high as $8.60 and last traded at $8.53. 1,751,776 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 9,419,164 shares. The stock had previously closed at $8.03.

Analyst Upgrades and Downgrades

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

Serve Robotics Price Performance

The firm’s 50-day simple moving average is $8.93 and its two-hundred day simple moving average is $7.08.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the 3rd quarter valued at about $26,000. Bfsg LLC bought a new position in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics in the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC bought a new position in Serve Robotics during the 3rd quarter worth approximately $80,000. Finally, Quadrature Capital Ltd bought a new position in Serve Robotics during the 3rd quarter worth approximately $148,000.

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.