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

Millennium Management LLC lessened its stake in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 67.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,067 shares of the company's stock after selling 94,810 shares during the period. Millennium Management LLC owned 0.10% of Serve Robotics worth $622,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Uber Technologies Inc acquired a new stake in shares of Serve Robotics in the fourth quarter worth $71,534,000. Vanguard Group Inc. grew its stake in shares of Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after acquiring an additional 544,537 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Serve Robotics in the fourth quarter worth $6,629,000. Captrust Financial Advisors acquired a new stake in shares of Serve Robotics in the fourth quarter worth $3,672,000. Finally, Geode Capital Management LLC grew its stake in shares of Serve Robotics by 36.6% in the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock worth $2,415,000 after acquiring an additional 47,927 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating on the stock. Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Strong Buy" and a consensus price target of $18.67.

Insiders Place Their Bets

In other Serve Robotics news, CFO Brian Read sold 7,000 shares of Serve Robotics stock in a transaction on Friday, May 9th. The stock was 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 directly owns 233,900 shares of the company's stock, valued at approximately $1,878,217. This trade represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 60,164 shares of company stock worth $480,378 over the last 90 days. Corporate insiders own 5.50% of the company's stock.

Serve Robotics Stock Up 5.5%

SERV traded up $0.66 during trading on Wednesday, reaching $12.76. 7,620,077 shares of the company's stock were exchanged, compared to its average volume of 10,106,699. Serve Robotics Inc. has a fifty-two week low of $1.82 and a fifty-two week high of $24.35. The business has a 50 day moving average price of $8.37 and a 200 day moving average price of $11.20. The company has a market capitalization of $727.41 million, a P/E ratio of -12.04 and a beta of 1.67.

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.