Serve Robotics (NASDAQ:SERV) Trading Down 5.5% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s share price dropped 5.5% during mid-day trading on Tuesday . The company traded as low as $8.79 and last traded at $8.84. Approximately 1,873,603 shares were traded during trading, a decline of 80% from the average daily volume of 9,599,893 shares. The stock had previously closed at $9.35.

Wall Street Analyst Weigh In

SERV has been the topic of a number of recent analyst reports. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Securities began coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” 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. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The firm’s 50-day moving average price is $8.82.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) earnings per share for the quarter. The business had revenue of $0.47 million during the quarter. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, equities analysts expect that Serve Robotics Inc. will post -0.95 EPS for the current year.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. Larson Financial Group LLC purchased a new position in shares of Serve Robotics in the third quarter worth about $26,000. Bfsg LLC purchased a new stake in shares of Serve Robotics during the third quarter worth $38,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics during the third quarter worth $80,000. PFG Investments LLC acquired a new stake in Serve Robotics during the second quarter worth $110,000. Finally, GSA Capital Partners LLP acquired a new position 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.