Captrust Financial Advisors Makes New $3.67 Million Investment in Serve Robotics Inc. (NASDAQ:SERV)

Captrust Financial Advisors purchased a new position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 271,994 shares of the company's stock, valued at approximately $3,672,000. Captrust Financial Advisors owned approximately 0.61% of Serve Robotics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the stock. Blue Trust Inc. purchased a new stake in Serve Robotics during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC bought a new position in Serve Robotics in the 4th quarter worth approximately $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics during the 4th quarter valued at $37,000. SG Americas Securities LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at $114,000. Finally, Stephens Inc. AR acquired a new position in shares of Serve Robotics during the fourth quarter worth about $142,000.

Serve Robotics Trading Up 3.2%

Shares of SERV traded up $0.28 during midday trading on Tuesday, hitting $8.90. 8,458,998 shares of the company's stock traded hands, compared to its average volume of 9,543,328. Serve Robotics Inc. has a 1 year low of $1.77 and a 1 year high of $24.35. The stock has a market capitalization of $507.36 million and a price-to-earnings ratio of -8.40. The firm's fifty day moving average is $6.43 and its 200-day moving average is $10.92.

Analysts Set New Price Targets

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

Insider Activity

In other news, CFO Brian Read sold 7,000 shares of the business'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 completion of the transaction, the chief financial officer now owns 233,900 shares of the company's stock, valued at approximately $1,878,217. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ali Kashani sold 3,713 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following 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. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,834 shares of company stock worth $447,179. Corporate insiders own 5.50% of the company's stock.

About Serve Robotics

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.