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

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded down 4% during trading on Monday . The stock traded as low as $7.51 and last traded at $7.68. 1,275,456 shares were traded during trading, a decline of 87% from the average session volume of 9,460,713 shares. The stock had previously closed at $8.00.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Aegis upgraded Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, Northland Securities began coverage on Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Performance

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

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the third quarter worth $26,000. Bfsg LLC bought a new stake in Serve Robotics in the third quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics in the third quarter valued at about $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics in the third quarter valued at about $80,000. Finally, Quadrature Capital Ltd bought a new stake in Serve Robotics in the third quarter valued at about $148,000.

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.