Serve Robotics Inc. (NASDAQ:SERV) Shares Bought by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC raised its stake in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 31.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 882,522 shares of the company's stock after purchasing an additional 210,977 shares during the quarter. Exchange Traded Concepts LLC owned 1.55% of Serve Robotics worth $5,075,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SERV. Uber Technologies Inc purchased a new position in Serve Robotics in the 4th quarter valued at $71,534,000. Vanguard Group Inc. boosted its holdings 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 valued at $17,203,000 after acquiring an additional 544,537 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Serve Robotics during the fourth quarter worth about $6,629,000. Captrust Financial Advisors purchased a new position in Serve Robotics during the fourth quarter worth about $3,672,000. Finally, Raymond James Financial Inc. acquired a new stake in Serve Robotics in the fourth quarter valued at about $1,978,000.

Serve Robotics Trading Down 8.3%

Shares of SERV opened at $10.91 on Monday. Serve Robotics Inc. has a twelve month low of $1.82 and a twelve month high of $24.35. The firm has a market capitalization of $621.95 million, a P/E ratio of -10.29 and a beta of 1.67. The firm's 50-day moving average is $8.61 and its two-hundred day moving average is $11.27.

Insider Transactions at Serve Robotics

In other 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 owns 233,900 shares of the company's stock, valued at $1,878,217. The trade was a 2.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold 60,164 shares of company stock valued at $480,378 in the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on SERV. Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald began coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating on the stock. Three equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average target price of $18.67.

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.

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