Serve Robotics (NASDAQ:SERV) Trading 4.4% Higher – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 4.4% during trading on Friday . The company traded as high as $10.10 and last traded at $9.96. Approximately 1,585,839 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 9,822,045 shares. The stock had previously closed at $9.54.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SERV. Aegis upgraded Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Northland Securities started coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Northland Capmk raised shares of 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.

Serve Robotics Price Performance

The business has a fifty day moving average price of $8.68.

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. As a group, equities analysts anticipate that Serve Robotics Inc. will post -0.95 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bfsg LLC acquired a new position in Serve Robotics in the third quarter valued at about $38,000. PFG Investments LLC bought a new position in Serve Robotics during the 2nd quarter worth approximately $110,000. Harbour Capital Advisors LLC bought a new position in Serve Robotics during the 3rd quarter worth approximately $198,000. Finally, Thomist Capital Management LP acquired a new position in Serve Robotics during the second quarter valued at approximately $407,000.

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.