Raymond James Financial Inc. Takes Position in Serve Robotics Inc. (NASDAQ:SERV)

Raymond James Financial Inc. purchased a new position in Serve Robotics Inc. (NASDAQ:SERV) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 146,492 shares of the company’s stock, valued at approximately $1,978,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Exchange Traded Concepts LLC acquired a new position in shares of Serve Robotics in the 4th quarter valued at approximately $9,066,000. Geode Capital Management LLC increased its stake in shares of Serve Robotics by 128.1% in 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. State Street Corp acquired a new stake in Serve Robotics in the third quarter valued at $333,000. Tidal Investments LLC acquired a new stake in Serve Robotics in the third quarter valued at $262,000. Finally, Harbour Capital Advisors LLC boosted its stake in Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after acquiring an additional 25,475 shares during the last quarter.

Wall Street Analysts Forecast Growth

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

Serve Robotics Trading Down 8.6 %

Shares of NASDAQ SERV opened at $5.75 on Tuesday. The company has a market capitalization of $327.28 million and a price-to-earnings ratio of -4.79. Serve Robotics Inc. has a twelve month low of $1.77 and a twelve month high of $24.35. The business has a 50 day simple moving average of $12.06 and a 200-day simple moving average of $11.54.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 3,713 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the sale, the chief executive officer now directly owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. This represents a 0.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 54,511 shares of company stock worth $1,010,553 over the last 90 days. Insiders own 21.40% of the company’s stock.

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.