Serve Robotics (NASDAQ:SERV) Shares Up 5.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 5.1% during trading on Friday . The stock traded as high as $8.25 and last traded at $8.25. 1,269,111 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 9,500,764 shares. The stock had previously closed at $7.85.

Wall Street Analyst Weigh In

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

Serve Robotics Trading Up 1.9 %

The business has a 50-day moving average of $8.84 and a two-hundred day moving average of $7.02.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently added to or reduced their stakes in the business. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics in the third quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the 2nd quarter worth about $407,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares in the last quarter. PFG Investments LLC acquired a new stake in Serve Robotics in the 2nd quarter valued at $110,000. Finally, State Street Corp acquired a new position in shares of Serve Robotics during the third quarter valued at about $333,000.

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.