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

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics during the first quarter worth approximately $49,000. KLP Kapitalforvaltning AS bought a new stake in Serve Robotics during the first quarter worth $49,000. Charles Schwab Investment Management Inc. lifted its stake in Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after purchasing an additional 1,545 shares during the last quarter. Arkadios Wealth Advisors bought a new stake in Serve Robotics during the first quarter worth $74,000. Finally, Phoenix Financial Ltd. bought a new stake in Serve Robotics during the first quarter worth $87,000.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SERV. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Cantor Fitzgerald assumed coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. One equities research 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 MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $18.67.

Serve Robotics Stock Performance

Shares of SERV traded down $0.47 during trading hours on Friday, reaching $9.71. The stock had a trading volume of 3,739,555 shares, compared to its average volume of 4,619,324. The stock has a market capitalization of $581.43 million, a PE ratio of -8.44 and a beta of -0.11. Serve Robotics Inc. has a 12 month low of $4.66 and a 12 month high of $24.35. The company's 50-day moving average is $10.91 and its two-hundred day moving average is $9.91.

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

Insider Buying and Selling at Serve Robotics

In other news, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction dated 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 directly owned 50,725 shares of the company's stock, valued at $539,206.75. The trade was a 17.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 7,467 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.74, for a total value of $80,195.58. Following the completion of the transaction, the chief executive officer directly owned 3,598,737 shares in the company, valued at $38,650,435.38. This represents a 0.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,182 shares of company stock worth $470,822 over the last 90 days. Company 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.