Brokerages Set Serve Robotics Inc. (NASDAQ:SERV) PT at $16.00

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received an average rating of “Strong Buy” from the five research firms that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $16.00.

Several equities analysts have commented on SERV shares. Northland Securities started coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Aegis raised Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th.

Serve Robotics Stock Performance

Serve Robotics stock opened at $8.00 on Wednesday. Serve Robotics has a one year low of $1.77 and a one year high of $24.09. The stock’s fifty 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) EPS for the quarter. The business had revenue of $0.47 million for the quarter. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. On average, sell-side analysts predict that Serve Robotics will post -0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds have recently made changes to their positions in the stock. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the third quarter valued at about $68,000. State Street Corp bought a new position in Serve Robotics during the third quarter worth about $333,000. Quadrature Capital Ltd bought a new position in Serve Robotics during the third quarter worth about $148,000. Larson Financial Group LLC bought a new position in Serve Robotics during the third quarter worth about $26,000. Finally, GSA Capital Partners LLP bought a new position in Serve Robotics during the third quarter worth about $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.