Exchange Traded Concepts LLC Buys 113,761 Shares of Serve Robotics Inc. $SERV

Key Points

• Exchange Traded Concepts LLC increased its stake in Serve Robotics Inc. by 12.9%, holding approximately $11.40 million with 996,283 shares owned.
• Recent analyst ratings for Serve Robotics indicate an average rating of "Buy" with a consensus target price of $17.75.
• In its latest earnings report, Serve Robotics missed EPS estimates, reporting a loss of ($0.36) per share compared to an expected loss of ($0.23).

Exchange Traded Concepts LLC grew its holdings in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 12.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 996,283 shares of the company's stock after acquiring an additional 113,761 shares during the period. Exchange Traded Concepts LLC owned about 1.75% of Serve Robotics worth $11,397,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. KLP Kapitalforvaltning AS acquired a new position in Serve Robotics during the 1st quarter valued at about $49,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics during the first quarter worth about $49,000. Charles Schwab Investment Management Inc. increased its position in Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after purchasing an additional 1,545 shares during the period. Arkadios Wealth Advisors purchased a new stake in Serve Robotics in the 1st quarter worth about $74,000. Finally, Phoenix Financial Ltd. bought a new stake in Serve Robotics in the 1st quarter worth approximately $87,000.

Insider Buying and Selling

In other Serve Robotics news, General Counsel Evan Dunn sold 5,000 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $10.01, for a total transaction of $50,050.00. Following the completion of the transaction, the general counsel owned 230,767 shares of the company's stock, valued at $2,309,977.67. This represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 164,735 shares of Serve Robotics stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.33, for a total value of $1,701,712.55. Following the sale, the chief executive officer directly owned 3,434,002 shares of the company's stock, valued at $35,473,240.66. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 295,299 shares of company stock valued at $3,089,527 over the last 90 days. 21.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Wedbush assumed coverage on Serve Robotics in a report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price objective on the stock. Finally, Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $17.75.

Serve Robotics Stock Down 1.2%

Shares of SERV stock traded down $0.16 during trading on Monday, reaching $13.82. The company's stock had a trading volume of 5,940,522 shares, compared to its average volume of 7,365,898. The company has a market cap of $827.48 million, a price-to-earnings ratio of -12.10 and a beta of -0.16. Serve Robotics Inc. has a one year low of $4.66 and a one year high of $24.35. The business has a fifty day moving average price of $10.82 and a 200-day moving average price of $9.38.

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

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.