Serve Robotics (NASDAQ:SERV) Shares Down 5.9%

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 5.9% on Monday . The company traded as low as $12.80 and last traded at $12.97. Approximately 2,843,790 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 12,272,152 shares. The stock had previously closed at $13.79.

Analysts Set New Price Targets

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

Serve Robotics Stock Performance

The company’s fifty day simple moving average is $6.16.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.37) EPS for the quarter. The business had revenue of $0.95 million for the quarter. On average, equities research analysts anticipate that Serve Robotics Inc. will post -0.86 earnings per share for the current year.

Institutional Investors Weigh In On Serve Robotics

A hedge fund recently bought a new stake in Serve Robotics stock. Thomist Capital Management LP purchased a new stake in Serve Robotics Inc. (NASDAQ:SERV) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 208,910 shares of the company’s stock, valued at approximately $407,000. Thomist Capital Management LP owned approximately 0.56% of Serve Robotics as of its most recent filing with the Securities & Exchange Commission.

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.