Serve Robotics (NASDAQ:SERV) Stock Price Down 5%

Serve Robotics Inc. (NASDAQ:SERV) shares fell 5% on Tuesday . The company traded as low as $6.65 and last traded at $6.86. 1,607,785 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 11,381,784 shares. The stock had previously closed at $7.22.

Wall Street Analyst Weigh In

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

Serve Robotics Price Performance

The stock has a 50-day moving average of $9.10.

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

Institutional Trading of Serve Robotics

An institutional investor recently bought a new position in Serve Robotics stock. Thomist Capital Management LP purchased a new stake in Serve Robotics Inc. (NASDAQ:SERV) during the second quarter, according to its most recent disclosure with the SEC. The firm 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 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.