Serve Robotics (NASDAQ:SERV) Trading Up 20.8% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) were up 20.8% on Monday . The company traded as high as $11.90 and last traded at $11.77. Approximately 7,571,610 shares changed hands during trading, a decline of 23% from the average daily volume of 9,816,799 shares. The stock had previously closed at $9.74.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Up 29.5 %

The business’s fifty day moving average is $8.68.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) earnings per share for the quarter. The firm 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, research analysts predict that Serve Robotics Inc. will post -0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently modified their holdings of the company. Bfsg LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at approximately $38,000. Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics during the third quarter worth $198,000. PFG Investments LLC acquired a new stake in shares of Serve Robotics during the second quarter worth $110,000. Finally, Thomist Capital Management LP acquired a new stake in shares of Serve Robotics during the second quarter worth $407,000.

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.