Serve Robotics Inc. (NASDAQ:SERV) Receives Average Recommendation of “Strong Buy” from Brokerages

Shares of Serve Robotics Inc. (NASDAQ:SERV) have earned a consensus recommendation of “Strong Buy” from the five brokerages that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $16.00.

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

Serve Robotics Stock Performance

Serve Robotics stock opened at $8.62 on Wednesday. Serve Robotics has a twelve month low of $1.77 and a twelve month high of $24.09. The business has a 50-day simple moving average of $8.79.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. The company had revenue of $0.47 million for the quarter. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 636.19%. On average, equities analysts forecast that Serve Robotics will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC purchased a new position in shares of Serve Robotics during the third quarter valued at $26,000. Bfsg LLC bought a new position in Serve Robotics during the 3rd quarter worth about $38,000. Quantum Private Wealth LLC purchased a new position in Serve Robotics during the 3rd quarter valued at about $80,000. PFG Investments LLC bought a new stake in shares of Serve Robotics in the 2nd quarter valued at about $110,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $152,000.

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.