Serve Robotics (NASDAQ:SERV) Shares Down 6.1%

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded down 6.1% during trading on Monday . The stock traded as low as $7.95 and last traded at $8.14. 1,839,130 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 11,174,065 shares. The stock had previously closed at $8.67.

Analyst Ratings Changes

Separately, Aegis upgraded Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th.

Serve Robotics Stock Performance

The firm’s 50 day moving average price is $9.33.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Tuesday, August 13th. The company reported ($0.27) EPS for the quarter. Serve Robotics had a negative return on equity of 728.80% and a negative net margin of 2,155.86%. The firm had revenue of $0.47 million for the quarter. Research analysts forecast that Serve Robotics Inc. will post -0.85 earnings per share for the current year.

Hedge Funds Weigh In On Serve Robotics

An institutional investor recently bought a new position in Serve Robotics stock. PFG Investments LLC bought a new stake in shares of Serve Robotics Inc. (NASDAQ:SERV) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 56,408 shares of the company’s stock, valued at approximately $110,000. PFG Investments LLC owned about 0.15% of Serve Robotics at the end of the most recent quarter.

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.