Millennium Management LLC Sells 94,810 Shares of Serve Robotics Inc. (NASDAQ:SERV)

Millennium Management LLC cut its stake in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 67.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 46,067 shares of the company's stock after selling 94,810 shares during the quarter. Millennium Management LLC owned approximately 0.10% of Serve Robotics worth $622,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. bought a new position in shares of Serve Robotics during the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics during the fourth quarter valued at $34,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at $37,000. SG Americas Securities LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at $114,000. Finally, Stephens Inc. AR acquired a new stake in shares of Serve Robotics in the fourth quarter valued at $142,000.

Insider Buying and Selling at Serve Robotics

In other news, CFO Brian Read sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total transaction of $36,450.00. Following the sale, the chief financial officer now owns 221,000 shares in the company, valued at $2,685,150. This represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders have sold 58,164 shares of company stock worth $455,198. Corporate insiders own 5.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SERV shares. Cantor Fitzgerald started coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Northland Securities set a $23.00 target price on Serve Robotics in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

NASDAQ SERV opened at $12.95 on Friday. The stock has a market capitalization of $738.24 million, a price-to-earnings ratio of -12.22 and a beta of 1.67. The stock's 50 day moving average price is $7.95 and its two-hundred day moving average price is $11.13. Serve Robotics Inc. has a 52 week low of $1.82 and a 52 week high of $24.35.

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.

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