Uber Technologies Inc Invests $71.53 Million in Serve Robotics Inc. (NASDAQ:SERV)

Uber Technologies Inc bought a new stake in Serve Robotics Inc. (NASDAQ:SERV - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 5,298,833 shares of the company's stock, valued at approximately $71,534,000. Serve Robotics comprises 1.5% of Uber Technologies Inc's holdings, making the stock its 4th biggest holding. Uber Technologies Inc owned approximately 11.96% of Serve Robotics at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. State Street Corp acquired a new stake in shares of Serve Robotics in the third quarter worth $333,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. Tidal Investments LLC acquired a new stake in Serve Robotics in the 3rd quarter worth $262,000. Harbour Capital Advisors LLC increased its holdings in shares of Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company's stock worth $680,000 after purchasing an additional 25,475 shares during the period. Finally, Atomi Financial Group Inc. acquired a new position in shares of Serve Robotics during the fourth quarter valued at about $209,000.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, Serve Robotics has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Stock Down 8.0 %

SERV traded down $0.56 during midday trading on Monday, reaching $6.49. 2,710,927 shares of the company's stock were exchanged, compared to its average volume of 9,375,874. The business has a 50-day simple moving average of $6.62 and a two-hundred day simple moving average of $11.04. The firm has a market capitalization of $369.80 million and a price-to-earnings ratio of -5.40. Serve Robotics Inc. has a one year low of $1.77 and a one year high of $24.35.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. This represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 11,369 shares of company stock worth $90,704 in the last 90 days. 21.40% of the stock is owned by company insiders.

Serve Robotics Company 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.