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

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

Analyst Ratings Changes

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

Serve Robotics Price Performance

The stock’s fifty day moving average is $8.82.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SERV. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics in the 3rd quarter valued at about $9,636,000. Thomist Capital Management LP purchased a new stake in shares of Serve Robotics in the second quarter valued at approximately $407,000. PFG Investments LLC acquired a new position in shares of Serve Robotics during the 2nd quarter worth approximately $110,000. Harbour Capital Advisors LLC acquired a new position in shares of Serve Robotics during the 3rd quarter worth approximately $198,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Serve Robotics during the 3rd quarter valued at approximately $152,000.

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.