Serve Robotics (NASDAQ:SERV) Trading Down 3.6% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) fell 3.6% during trading on Monday . The company traded as low as $9.25 and last traded at $9.68. 1,795,789 shares traded hands during trading, a decline of 82% from the average session volume of 9,729,845 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

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

Serve Robotics Price Performance

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

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data 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 for the quarter. On average, analysts expect that Serve Robotics Inc. will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter worth approximately $38,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics during the 3rd quarter worth about $80,000. Harbour Capital Advisors LLC acquired a new position in Serve Robotics during the 3rd quarter worth about $198,000. PFG Investments LLC acquired a new stake in shares of Serve Robotics in the second quarter valued at $110,000. Finally, Thomist Capital Management LP purchased a new position in shares of Serve Robotics in the 2nd quarter valued at $407,000.

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.