Serve Robotics Inc. (NASDAQ:SERV) Receives $16.00 Average Price Target from Brokerages

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received an average rating of “Strong Buy” from the four ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $16.00.

SERV has been the subject of a number of recent analyst reports. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Aegis raised Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Northland Securities initiated coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company.

Serve Robotics Price Performance

NASDAQ SERV opened at $9.74 on Friday. Serve Robotics has a 1-year low of $1.77 and a 1-year high of $24.09. The firm has a 50-day moving average of $8.71.

Serve Robotics (NASDAQ:SERV) last released its earnings results 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 company had revenue of $0.47 million during the quarter. Equities research analysts forecast that Serve Robotics will post -0.95 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SERV. Thomist Capital Management LP bought a new position in shares of Serve Robotics in the 2nd quarter worth approximately $407,000. PFG Investments LLC bought a new position in shares of Serve Robotics in the 2nd quarter worth approximately $110,000. Harbour Capital Advisors LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth approximately $198,000. Finally, Bfsg LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth approximately $38,000.

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.