PFG Investments LLC Trims Stock Holdings in Serve Robotics Inc. (NASDAQ:SERV)

PFG Investments LLC cut its holdings in shares of Serve Robotics Inc. (NASDAQ:SERVFree Report) by 30.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 32,498 shares of the company’s stock after selling 14,000 shares during the quarter. PFG Investments LLC’s holdings in Serve Robotics were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. State Street Corp acquired a new stake in Serve Robotics during the 3rd quarter worth $333,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth about $9,066,000. Geode Capital Management LLC boosted its stake in shares of 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 period. Atomi Financial Group Inc. purchased a new position in shares of Serve Robotics during the fourth quarter worth about $209,000. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics in the 3rd quarter valued at about $9,636,000.

Insider Activity

In related news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 253,027 shares of company stock worth $3,309,166. Company insiders own 21.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SERV. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. 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.com, Serve Robotics has an average rating of “Strong Buy” and an average target price of $19.50.

Get Our Latest Report on Serve Robotics

Serve Robotics Stock Up 1.4 %

Shares of SERV stock opened at $16.34 on Friday. The business’s fifty day moving average price is $14.42 and its 200 day moving average price is $11.24. Serve Robotics Inc. has a 1-year low of $1.77 and a 1-year high of $24.35.

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

About Serve Robotics

(Free Report)

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.

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Want to see what other hedge funds are holding SERV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Serve Robotics Inc. (NASDAQ:SERVFree Report).

Institutional Ownership by Quarter for Serve Robotics (NASDAQ:SERV)

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