Serve Robotics (NASDAQ:SERV) Trading Down 4% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) dropped 4% during trading on Monday . The company traded as low as $7.51 and last traded at $7.68. Approximately 1,275,456 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 9,460,713 shares. The stock had previously closed at $8.00.

Analysts Set New Price Targets

SERV has been the subject of a number of recent analyst reports. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Aegis upgraded 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 report on Monday, October 7th. Northland Securities started coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. Finally, LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Trading Up 7.2 %

The firm has a 50-day moving average price of $8.89 and a two-hundred day moving average price of $7.07.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics in the second quarter valued at approximately $407,000. Geode Capital Management LLC raised its stake in Serve Robotics by 128.1% in the third 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 period. PFG Investments LLC bought a new stake in Serve Robotics in the second quarter valued at approximately $110,000. Finally, State Street Corp bought a new stake in Serve Robotics in the third quarter valued at approximately $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.