Serve Robotics (NASDAQ:SERV) Stock Price Down 3.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 3.1% during trading on Tuesday . The stock 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.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Performance

The stock’s 50-day moving average price is $8.68.

Serve Robotics (NASDAQ:SERV) last announced 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 firm had revenue of $0.47 million during the quarter. As a group, sell-side analysts expect that Serve Robotics Inc. will post -0.95 earnings per share for the current year.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics in the third quarter worth $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics during the 2nd quarter valued at about $407,000. PFG Investments LLC bought a new stake in shares of Serve Robotics in the 2nd quarter valued at approximately $110,000. Harbour Capital Advisors LLC acquired a new position in Serve Robotics in the third quarter worth approximately $198,000. Finally, Bfsg LLC bought a new position in Serve Robotics during the third quarter valued at 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.