Serve Robotics (NASDAQ:SERV) Trading Down 9%

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 9% during mid-day trading on Tuesday . The company traded as low as $7.64 and last traded at $7.73. Approximately 1,427,246 shares were traded during trading, a decline of 88% from the average daily volume of 11,762,930 shares. The stock had previously closed at $8.49.

Analysts Set New Price Targets

Separately, Aegis upgraded Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th.

Serve Robotics Price Performance

The stock has a 50-day moving average price of $8.58.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. Serve Robotics had a negative return on equity of 728.80% and a negative net margin of 2,155.86%. The firm had revenue of $0.47 million during the quarter. Analysts forecast that Serve Robotics Inc. will post -0.85 earnings per share for the current fiscal year.

Institutional Trading of Serve Robotics

A hedge fund recently bought a new stake in Serve Robotics stock. Thomist Capital Management LP bought a new position in shares of Serve Robotics Inc. (NASDAQ:SERV) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 208,910 shares of the company’s stock, valued at approximately $407,000. Thomist Capital Management LP owned about 0.56% of Serve Robotics as of its most recent filing with the Securities and Exchange Commission (SEC).

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.