Serve Robotics (NASDAQ:SERV) Shares Down 5.9% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 5.9% during trading on Thursday . The company traded as low as $7.85 and last traded at $7.87. Approximately 1,917,937 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 9,541,244 shares. The stock had previously closed at $8.36.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SERV shares. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Aegis upgraded Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Northland Securities initiated coverage on shares of Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 target price for the company. Two research 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 company currently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The stock’s fifty day simple moving average is $8.84 and its two-hundred day simple moving average is $7.02.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Tuesday, August 13th. The company reported ($0.27) EPS for the quarter. The business had revenue of $0.47 million for the quarter. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. Equities research analysts anticipate that Serve Robotics Inc. will post -0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently modified their holdings of the stock. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the third quarter valued at $26,000. Bfsg LLC purchased a new position in Serve Robotics in the 3rd quarter worth about $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the 3rd quarter worth about $68,000. Quantum Private Wealth LLC purchased a new stake in Serve Robotics during the third quarter valued at about $80,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics in the third quarter worth about $148,000.

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.