Serve Robotics (NASDAQ:SERV) Stock Price Down 5.5% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) dropped 5.5% on Tuesday . The stock traded as low as $8.79 and last traded at $8.84. Approximately 1,873,603 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 9,599,893 shares. The stock had previously closed at $9.35.

Wall Street Analyst Weigh In

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

Serve Robotics Trading Down 7.8 %

The company has a fifty day moving average price of $8.79.

Serve Robotics (NASDAQ:SERV) last issued its earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share for the quarter. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 636.19%. The firm had revenue of $0.47 million for the quarter. As a group, equities analysts forecast that Serve Robotics Inc. will post -0.96 EPS for the current year.

Institutional Trading of Serve Robotics

Institutional investors have recently modified their holdings of the company. Bfsg LLC acquired a new position in Serve Robotics during the 3rd quarter valued at about $38,000. Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics during the third quarter valued at about $80,000. GSA Capital Partners LLP acquired a new stake in Serve Robotics in the 3rd quarter worth approximately $152,000. Harbour Capital Advisors LLC purchased a new stake in Serve Robotics during the 3rd quarter worth approximately $198,000. Finally, PFG Investments LLC acquired a new position in Serve Robotics during the 2nd quarter valued at approximately $110,000.

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.