Serve Robotics (NASDAQ:SERV) Trading Down 5.9%

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares dropped 5.9% on Thursday . The stock traded as low as $7.44 and last traded at $7.67. Approximately 1,723,064 shares traded hands during trading, a decline of 85% from the average daily volume of 11,653,383 shares. The stock had previously closed at $8.15.

Analysts Set New Price Targets

Separately, Aegis upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Wednesday, July 24th.

Serve Robotics Price Performance

The business's 50 day moving average price is $8.70.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its earnings results 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 during the quarter. Equities research analysts expect that Serve Robotics Inc. will post -0.85 earnings per share for the current year.

Hedge Funds Weigh In On Serve Robotics

An institutional investor recently bought a new position in Serve Robotics stock. Thomist Capital Management LP bought a new position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 208,910 shares of the company's stock, valued at approximately $407,000. Thomist Capital Management LP owned approximately 0.56% of Serve Robotics as of its most recent SEC filing.

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.