Serve Robotics (NASDAQ:SERV) Stock Price Down 5.9% – Time to Sell?

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

Analyst Ratings Changes

SERV has been the subject of several recent research reports. LADENBURG THALM/SH SH initiated 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. Northland Securities started coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Aegis raised shares of Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two equities 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, the stock has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Performance

The business’s 50-day simple moving average is $8.84 and its two-hundred day simple moving average is $7.02.

Serve Robotics (NASDAQ:SERV) last posted 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 184.60%. The business had revenue of $0.47 million for the quarter. Equities research analysts predict that Serve Robotics Inc. will post -0.95 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SERV. Larson Financial Group LLC purchased a new stake in Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the third quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the third quarter worth $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the third quarter valued at $80,000. Finally, PFG Investments LLC bought a new position in Serve Robotics during the 2nd quarter valued at $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.