Serve Robotics (NASDAQ:SERV) Stock Price Down 5.9% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERVGet Free Report) dropped 5.9% on Thursday . The stock traded as low as $10.22 and last traded at $10.70. Approximately 2,513,551 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 9,807,502 shares. The stock had previously closed at $11.37.

Analysts Set New Price Targets

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

Check Out Our Latest Analysis on SERV

Serve Robotics Price Performance

The firm’s 50 day simple moving average is $8.70.

Serve Robotics (NASDAQ:SERVGet Free Report) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) EPS for the quarter. The business had revenue of $0.47 million during the quarter. Serve Robotics had a negative net margin of 2,155.86% and a negative return on equity of 728.80%. Research analysts predict that Serve Robotics Inc. will post -0.95 earnings per share for the current year.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently bought and sold shares of SERV. PFG Investments LLC acquired a new position in shares of Serve Robotics during the second quarter worth about $110,000. Thomist Capital Management LP acquired a new position in Serve Robotics in the second quarter valued at approximately $407,000. Bfsg LLC acquired a new position in Serve Robotics in the third quarter valued at approximately $38,000. Harbour Capital Advisors LLC acquired a new position in Serve Robotics in the third quarter valued at approximately $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the third quarter worth approximately $9,636,000.

About Serve Robotics

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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.

Further Reading

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