MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 616.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 679,014 shares of the company's stock after purchasing an additional 584,302 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.19% of Serve Robotics worth $3,972,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in SERV. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics in the first quarter worth approximately $49,000. KLP Kapitalforvaltning AS bought a new stake in Serve Robotics in the first quarter worth approximately $49,000. Charles Schwab Investment Management Inc. grew its stake in Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares during the period. Arkadios Wealth Advisors acquired a new stake in Serve Robotics in the first quarter valued at approximately $74,000. Finally, Phoenix Financial Ltd. acquired a new stake in Serve Robotics in the first quarter valued at approximately $87,000.
Analysts Set New Price Targets
A number of equities research analysts have commented on the company. Wedbush assumed coverage on Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price objective for the company. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Singular Research raised Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Finally, 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 Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $17.75.
Get Our Latest Stock Analysis on SERV
Insider Activity at Serve Robotics
In related news, COO Touraj Parang sold 53,690 shares of Serve Robotics stock in a transaction on Monday, September 8th. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50. Following the sale, the chief operating officer directly owned 1,365,416 shares in the company, valued at approximately $14,132,055.60. This trade represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a legal 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 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 sale, the director owned 50,725 shares in the company, valued at $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 293,625 shares of company stock valued at $3,048,817 over the last 90 days. Corporate insiders own 5.50% of the company's stock.
Serve Robotics Stock Up 6.8%
Shares of NASDAQ:SERV opened at $11.40 on Friday. The stock has a market cap of $682.63 million, a price-to-earnings ratio of -9.91 and a beta of -0.19. Serve Robotics Inc. has a 12-month low of $4.66 and a 12-month high of $24.35. The business's 50 day moving average is $10.58 and its 200 day moving average is $9.21.
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 analysts' expectations of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, equities research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.
About Serve Robotics
(
Free Report)
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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