Serve Robotics (NASDAQ:SERV) Trading Down 2.2% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) were down 2.2% during trading on Wednesday . The stock traded as low as $8.30 and last traded at $8.42. Approximately 1,316,316 shares changed hands during trading, a decline of 86% from the average daily volume of 9,377,521 shares. The stock had previously closed at $8.61.

Analyst Upgrades and Downgrades

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

Serve Robotics Trading Up 0.3 %

The firm has a fifty day moving average of $8.89 and a 200 day moving average of $7.07.

Institutional Trading of Serve Robotics

A number of hedge funds have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the 3rd quarter valued at $9,636,000. Thomist Capital Management LP acquired a new position in Serve Robotics in the 2nd quarter worth $407,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares during the last quarter. PFG Investments LLC acquired a new stake in shares of Serve Robotics during the second quarter valued at about $110,000. Finally, State Street Corp purchased a new stake in shares of Serve Robotics during the third quarter worth about $333,000.

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.