Serve Robotics (NASDAQ:SERV) Trading Down 5.9% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) was down 5.9% on Thursday . The stock traded as low as $7.85 and last traded at $7.87. Approximately 1,917,937 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 9,541,244 shares. The stock had previously closed at $8.36.

Analysts Set New Price Targets

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

Serve Robotics Stock Performance

The firm’s fifty day moving average price is $8.82.

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

Hedge Funds Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $26,000. Bfsg LLC purchased a new stake in Serve Robotics during the third quarter valued at approximately $38,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the third quarter valued at approximately $80,000. PFG Investments LLC purchased a new position in Serve Robotics in the second quarter worth $110,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Serve Robotics during the third quarter worth $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.