Serve Robotics (NASDAQ:SERV) Shares Down 2.7% – Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 2.7% during mid-day trading on Wednesday . The stock traded as low as $8.35 and last traded at $8.39. 2,284,956 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 9,572,604 shares. The stock had previously closed at $8.62.

Analyst Upgrades and Downgrades

SERV has been the subject of several research reports. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Securities began coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. 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. Finally, Aegis upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Serve Robotics has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Price Performance

The business has a 50-day moving average of $8.82.

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

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the 3rd quarter worth about $9,636,000. Thomist Capital Management LP purchased a new stake in Serve Robotics during the second quarter worth about $407,000. PFG Investments LLC acquired a new stake in shares of Serve Robotics during the second quarter worth about $110,000. Harbour Capital Advisors LLC purchased a new position in shares of Serve Robotics in the third quarter valued at approximately $198,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Serve Robotics in the third quarter valued at approximately $152,000.

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.