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

Exchange Traded Concepts LLC lifted its position in shares of 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 (SEC). The institutional investor owned 882,522 shares of the company's stock after acquiring 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 quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Uber Technologies Inc purchased a new stake in Serve Robotics during the fourth quarter worth $71,534,000. Raymond James Financial Inc. acquired a new position in shares of Serve Robotics during the 4th quarter worth $1,978,000. Man Group plc purchased a new stake in shares of Serve Robotics in the 4th quarter worth about $467,000. Geode Capital Management LLC boosted its position in shares of Serve Robotics by 36.6% in the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock worth $2,415,000 after buying an additional 47,927 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in Serve Robotics in the 4th quarter valued at about $431,000.

Serve Robotics Stock Up 1.3%

Shares of SERV stock traded up $0.14 during mid-day trading on Thursday, hitting $10.90. 2,935,265 shares of the company's stock were exchanged, compared to its average volume of 10,191,342. The stock has a market cap of $621.41 million, a price-to-earnings ratio of -10.28 and a beta of 1.67. Serve Robotics Inc. has a fifty-two week low of $1.82 and a fifty-two week high of $24.35. The stock has a 50-day simple moving average of $8.94 and a two-hundred day simple moving average of $11.28.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Three analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Strong Buy" and a consensus price target of $18.67.

Insider Activity

In other news, CFO Brian Read sold 7,000 shares of Serve Robotics stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the transaction, the chief financial officer now directly 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 document filed with the SEC, which is available at this link. Insiders sold a total of 57,183 shares of company stock valued at $458,440 in the last 90 days. 5.50% of the stock is currently owned by insiders.

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.