Serve Robotics (NASDAQ:SERV) Trading Down 4% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 4% during trading on Monday . The stock traded as low as $7.51 and last traded at $7.68. Approximately 1,275,456 shares changed hands during trading, a decline of 87% from the average daily volume of 9,460,713 shares. The stock had previously closed at $8.00.

Wall Street Analyst Weigh In

Several research firms have weighed in on SERV. Northland Securities assumed coverage on shares of Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target on the stock. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Aegis raised Serve Robotics to a “strong-buy” rating in a report on Wednesday, July 24th. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two equities 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 MarketBeat.com, Serve Robotics has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Trading Down 0.5 %

The stock’s fifty day moving average price is $8.84 and its two-hundred day moving average price is $7.02.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently modified their holdings of the business. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter worth $9,636,000. Thomist Capital Management LP acquired a new position in Serve Robotics during the second quarter worth about $407,000. Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares in the last quarter. PFG Investments LLC bought a new stake in shares of Serve Robotics during the 2nd quarter valued at approximately $110,000. Finally, State Street Corp acquired a new position in Serve Robotics during the 3rd quarter worth approximately $333,000.

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.