Serve Robotics (NASDAQ:SERV) Stock Price Up 4.5% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) was up 4.5% during mid-day trading on Wednesday . The company traded as high as $10.40 and last traded at $10.25. Approximately 1,892,034 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 9,648,481 shares. The stock had previously closed at $9.81.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Performance

The firm’s fifty day simple moving average is $8.71.

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

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of SERV. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter worth about $9,636,000. Thomist Capital Management LP acquired a new position in Serve Robotics during the second quarter worth about $407,000. PFG Investments LLC acquired a new position in Serve Robotics during the second quarter worth about $110,000. Harbour Capital Advisors LLC acquired a new position in shares of Serve Robotics in the third quarter valued at approximately $198,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Serve Robotics in the third quarter valued at approximately $152,000.

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.