Jefferies Financial Group Inc. Increases Stake in Serve Robotics Inc. (NASDAQ:SERV)

Jefferies Financial Group Inc. lifted its position in Serve Robotics Inc. (NASDAQ:SERV) by 30.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,200 shares of the company’s stock after purchasing an additional 4,000 shares during the period. Jefferies Financial Group Inc.’s holdings in Serve Robotics were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Uber Technologies Inc purchased a new stake in shares of Serve Robotics in the fourth quarter worth $71,534,000. Raymond James Financial Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter worth $1,978,000. Exchange Traded Concepts LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth $9,066,000. Geode Capital Management LLC increased its stake in shares of Serve Robotics by 36.6% in the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company’s stock worth $2,415,000 after purchasing an additional 47,927 shares in the last quarter. Finally, Atomi Financial Group Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter worth $209,000.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research note on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 3,713 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the transaction, the chief executive officer now directly owns 3,225,852 shares of the company’s stock, valued at approximately $29,710,096.92. This trade represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian Read sold 7,000 shares of the firm’s stock in a transaction on Friday, May 9th. The shares were sold at an average price of $8.03, for a total transaction of $56,210.00. Following the transaction, the chief financial officer now directly owns 233,900 shares of the company’s stock, valued at $1,878,217. The trade was a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,834 shares of company stock valued at $447,179. Corporate insiders own 5.50% of the company’s stock.

Serve Robotics Stock Performance

SERV opened at $10.83 on Friday. The stock has a market capitalization of $617.39 million and a price-to-earnings ratio of -10.22. The company has a fifty day moving average of $6.59 and a 200 day moving average of $10.88. Serve Robotics Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $24.35.

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.