Serve Robotics (NASDAQ:SERV) Shares Up 1.9% – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV) shot 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.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SERV shares. Northland Securities started 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. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Aegis upgraded Serve Robotics to a “strong-buy” rating in a research report 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 price target on the stock. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Down 16.5 %

The business’s 50 day simple moving average is $8.77.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. The firm had revenue of $0.47 million for 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, sell-side analysts predict that Serve Robotics Inc. will post -0.96 EPS for the current year.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently modified their holdings of SERV. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter worth $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the second quarter worth $407,000. PFG Investments LLC acquired a new stake in shares of Serve Robotics in the second quarter worth $110,000. Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics in the third quarter worth $198,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Serve Robotics in the third quarter worth $152,000.

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.