Serve Robotics (NASDAQ:SERV) Shares Down 3.1% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) shares dropped 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 were traded during trading, a decline of 61% from the average daily volume of 9,852,280 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SERV shares. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday. They set a “buy” rating and a $16.00 target price for the company. Aegis raised Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, Northland Securities initiated coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Trading Down 10.0 %

The business has a fifty day moving average price of $8.70.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) EPS 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 analysts expect that Serve Robotics Inc. will post -0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently added to or reduced their stakes in the stock. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth approximately $9,636,000. Thomist Capital Management LP purchased a new position in shares of Serve Robotics in the second quarter worth about $407,000. PFG Investments LLC acquired a new position in Serve Robotics during the second quarter worth about $110,000. Harbour Capital Advisors LLC purchased a new stake in Serve Robotics during the 3rd quarter valued at about $198,000. Finally, Bfsg LLC purchased a new position in Serve Robotics in the 3rd quarter worth approximately $38,000.

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.