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

Serve Robotics Inc. (NASDAQ:SERV) has been assigned an average recommendation of “Strong Buy” from the five analysts that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $16.00.

SERV has been the subject of a number of research analyst reports. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities initiated 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. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Finally, Aegis raised shares of Serve Robotics to a “strong-buy” rating in a report on Wednesday, July 24th.

Serve Robotics Price Performance

Shares of SERV opened at $8.00 on Wednesday. Serve Robotics has a 12 month low of $1.77 and a 12 month high of $24.09. The business’s 50-day simple moving average is $8.82.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The firm had revenue of $0.47 million during the quarter. As a group, sell-side analysts anticipate that Serve Robotics will post -0.95 earnings per share for the current fiscal year.

Institutional Trading of Serve Robotics

Institutional investors have recently bought and sold shares of the business. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics during the third quarter worth $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the second quarter worth $407,000. PFG Investments LLC bought a new position in shares of Serve Robotics during the second quarter worth $110,000. State Street Corp bought a new position in shares of Serve Robotics during the third quarter worth $333,000. Finally, Harbour Capital Advisors LLC bought a new position in shares of Serve Robotics during the third quarter worth $198,000.

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.