Serve Robotics (NASDAQ:SERV) Trading Down 2.2% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) traded down 2.2% during mid-day trading on Wednesday . The stock traded as low as $8.30 and last traded at $8.42. 1,316,316 shares were traded during trading, a decline of 86% from the average session volume of 9,377,521 shares. The stock had previously closed at $8.61.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SERV. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Aegis raised Serve Robotics to a “strong-buy” rating in a report on Wednesday, July 24th. Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The company has a fifty day simple moving average of $8.89 and a two-hundred day simple moving average of $7.07.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics during the 3rd quarter worth about $9,636,000. Thomist Capital Management LP acquired a new stake in Serve Robotics during the second quarter worth approximately $407,000. Geode Capital Management LLC grew its stake in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares during the period. PFG Investments LLC acquired a new position in Serve Robotics in the 2nd quarter valued at $110,000. Finally, State Street Corp purchased a new position in shares of Serve Robotics during the 3rd quarter worth $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.