Exchange Traded Concepts LLC Makes New $9.07 Million Investment in Serve Robotics Inc. (NASDAQ:SERV)

Exchange Traded Concepts LLC purchased a new stake in Serve Robotics Inc. (NASDAQ:SERV) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 671,545 shares of the company’s stock, valued at approximately $9,066,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Larson Financial Group LLC bought a new position in Serve Robotics in the third quarter valued at about $26,000. Bfsg LLC bought a new position in Serve Robotics in the 3rd quarter valued at approximately $38,000. SG Americas Securities LLC acquired a new stake in Serve Robotics during the 4th quarter worth approximately $114,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics during the third quarter worth $68,000. Finally, Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics in the third quarter worth $80,000.

Insider Activity

In other news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the sale, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock worth $3,309,166 in the last three months. Company insiders own 21.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities lifted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

Shares of Serve Robotics stock opened at $19.26 on Friday. The stock’s 50-day moving average is $13.70 and its 200 day moving average is $10.75. Serve Robotics Inc. has a one year low of $1.77 and a one year high of $24.35.

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

Serve Robotics 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.