Serve Robotics (NASDAQ:SERV) Trading Down 5.9% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price fell 5.9% during trading on Thursday . The company traded as low as $7.85 and last traded at $7.87. 1,917,937 shares changed hands during trading, a decline of 80% from the average session volume of 9,541,244 shares. The stock had previously closed at $8.36.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SERV. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Northland Capmk upgraded 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 set an "outperform" rating and a $16.00 price objective on the stock. Aegis raised shares of Serve Robotics to a "strong-buy" rating in a report on Wednesday, July 24th. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Price Performance

The firm has a fifty day moving average of $8.82.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly 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 business had revenue of $0.47 million for the quarter. Analysts predict that Serve Robotics Inc. will post -0.95 EPS for the current year.

Institutional Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in SERV. Larson Financial Group LLC bought a new stake in Serve Robotics during the third quarter worth approximately $26,000. Bfsg LLC purchased a new stake in Serve Robotics during the 3rd quarter valued at $38,000. Quantum Private Wealth LLC purchased a new stake in Serve Robotics during the 3rd quarter valued at $80,000. PFG Investments LLC purchased a new position in Serve Robotics during the second quarter worth $110,000. Finally, GSA Capital Partners LLP purchased a new position in Serve Robotics during the third quarter worth $152,000.

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.

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