Serve Robotics (NASDAQ:SERV) Shares Up 1.5% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share price rose 1.5% during mid-day trading on Friday . The stock traded as high as $8.71 and last traded at $8.59. Approximately 841,488 shares were traded during trading, a decline of 91% from the average daily volume of 9,293,729 shares. The stock had previously closed at $8.46.

Wall Street Analyst Weigh In

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

Serve Robotics Price Performance

The stock has a fifty day simple moving average of $8.95 and a two-hundred day simple moving average of $7.09.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP purchased a new stake in Serve Robotics during the second quarter worth $407,000. Geode Capital Management LLC grew its holdings in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the last quarter. PFG Investments LLC acquired a new position in shares of Serve Robotics during the 2nd quarter worth $110,000. Finally, State Street Corp purchased a new stake in shares of Serve Robotics in the 3rd quarter worth about $333,000.

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.