Serve Robotics (NASDAQ:SERV) Trading Down 3.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 3.1% during trading on Tuesday . The company traded as low as $11.22 and last traded at $11.43. Approximately 3,862,020 shares traded hands during trading, a decline of 61% from the average daily volume of 9,852,280 shares. The stock had previously closed at $11.80.

Analyst Ratings Changes

Several analysts have commented on SERV shares. Aegis upgraded Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. 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 initiated coverage on shares of Serve Robotics in a research report on Monday. They set a “buy” rating and a $16.00 price objective on the stock. Finally, Northland Securities started coverage on shares of Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Performance

The business has a 50-day moving average of $8.70.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) earnings per share for the quarter. Serve Robotics had a negative net margin of 2,155.86% and a negative return on equity of 728.80%. The company had revenue of $0.47 million for the quarter. Equities analysts expect that Serve Robotics Inc. will post -0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. PFG Investments LLC purchased a new stake in Serve Robotics during the second quarter valued at approximately $110,000. Thomist Capital Management LP bought a new stake in Serve Robotics in the second quarter worth $407,000. Bfsg LLC purchased a new position in Serve Robotics during the third quarter worth $38,000. Harbour Capital Advisors LLC bought a new position in Serve Robotics during the third quarter valued at $198,000. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics in the third quarter valued at $9,636,000.

Serve Robotics Company Profile

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.