Serve Robotics (NASDAQ:SERV) Trading Up 1.9% – Should You Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded up 1.9% during mid-day trading on Thursday . The stock traded as high as $10.65 and last traded at $10.28. 1,985,586 shares were traded during trading, a decline of 79% from the average session volume of 9,610,510 shares. The stock had previously closed at $10.09.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Up 7.3 %

The company’s 50-day moving average is $8.72.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) earnings per share for the quarter. Serve Robotics had a negative net margin of 2,155.86% and a negative return on equity of 728.80%. The business had revenue of $0.47 million during the quarter. Analysts forecast that Serve Robotics Inc. will post -0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter valued at about $9,636,000. Thomist Capital Management LP acquired a new stake in Serve Robotics in the second quarter valued at approximately $407,000. PFG Investments LLC purchased a new position in Serve Robotics in the second quarter worth approximately $110,000. Bfsg LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $38,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at $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.