Exchange Traded Concepts LLC Takes Position in Serve Robotics Inc. (NASDAQ:SERV)

Exchange Traded Concepts LLC acquired a new position in shares of Serve Robotics Inc. (NASDAQ:SERV) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 671,545 shares of the company’s stock, valued at approximately $9,066,000. Exchange Traded Concepts LLC owned approximately 1.52% of Serve Robotics as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. State Street Corp bought a new stake in Serve Robotics during the third quarter worth about $333,000. Geode Capital Management LLC increased its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics in the third quarter valued at approximately $9,636,000. One Wealth Management Investment & Advisory Services LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $154,000. Finally, Bfsg LLC bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $38,000.

Analyst Ratings Changes

SERV has been the subject of several research reports. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities increased their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Strong Buy” and an average price target of $19.50.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock worth $3,309,166 in the last 90 days. Company insiders own 21.40% of the company’s stock.

Serve Robotics Price Performance

Shares of Serve Robotics stock opened at $19.26 on Friday. The firm has a 50-day moving average of $13.70 and a 200-day moving average of $10.75. Serve Robotics Inc. has a 52-week low of $1.77 and a 52-week high of $24.35.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The firm had revenue of $0.22 million for the quarter, compared to analyst estimates of $0.36 million. As a group, equities analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

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.