Caitong International Asset Management Co. Ltd Makes New Investment in Serve Robotics Inc. (NASDAQ:SERV)

Key Points

• Caitong International Asset Management Co. Ltd acquired a new stake in Serve Robotics Inc. of 25,343 shares valued at approximately $146,000 during the first quarter.
• Insider sales include CEO Ali Kashani selling 7,467 shares for about $80,195, and COO Touraj Parang selling 5,565 shares for around $59,211, reflecting slight decreases in their ownership.
• Analysts hold a consensus rating of "Buy" for Serve Robotics, with a current price target of $18.67 despite recent downgrades from some firms.

Caitong International Asset Management Co. Ltd bought a new position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 25,343 shares of the company's stock, valued at approximately $146,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC purchased a new position in Serve Robotics during the fourth quarter worth approximately $294,000. Vanguard Group Inc. boosted its position in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Geode Capital Management LLC boosted its position in Serve Robotics by 36.6% during 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. Wells Fargo & Company MN lifted its position in shares of Serve Robotics by 294.0% in the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after acquiring an additional 8,100 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Serve Robotics in the fourth quarter valued at approximately $6,629,000.

Insider Activity

In related news, insider Anthony Armenta sold 2,915 shares of Serve Robotics stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total transaction of $31,132.20. Following the transaction, the insider owned 612,664 shares in the company, valued at approximately $6,543,251.52. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the transaction, the director owned 50,725 shares in the company, valued at approximately $539,206.75. The trade was a 17.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,182 shares of company stock valued at $470,822 in the last 90 days. 5.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SERV has been the topic of several research reports. Cantor Fitzgerald initiated coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $18.67.

Serve Robotics Stock Down 4.6%

Shares of NASDAQ SERV traded down $0.47 during midday trading on Friday, hitting $9.71. The stock had a trading volume of 3,739,555 shares, compared to its average volume of 4,619,324. The company has a market capitalization of $581.43 million, a PE ratio of -8.44 and a beta of -0.11. The stock has a 50 day simple moving average of $10.91 and a 200-day simple moving average of $9.95. Serve Robotics Inc. has a 1 year low of $4.66 and a 1 year high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. The company had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. As a group, analysts expect that Serve Robotics Inc. will post -0.98 earnings per share 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.