60,404 Shares in Serve Robotics Inc. (NASDAQ:SERV) Bought by Two Sigma Investments LP

Two Sigma Investments LP bought a new position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 60,404 shares of the company's stock, valued at approximately $815,000. Two Sigma Investments LP owned 0.14% of Serve Robotics at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Uber Technologies Inc acquired a new stake in Serve Robotics during the 4th quarter valued at $71,534,000. Vanguard Group Inc. increased its holdings in Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Legal & General Group Plc acquired a new stake in Serve Robotics during the 4th quarter valued at $6,629,000. Captrust Financial Advisors acquired a new stake in Serve Robotics during the 4th quarter valued at $3,672,000. Finally, Geode Capital Management LLC increased its holdings in Serve Robotics by 36.6% during the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after purchasing an additional 47,927 shares in the last quarter.

Serve Robotics Price Performance

Shares of NASDAQ SERV traded up $0.66 during midday trading on Wednesday, hitting $12.76. The stock had a trading volume of 7,620,077 shares, compared to its average volume of 10,106,699. The company's 50-day simple moving average is $8.37 and its 200 day simple moving average is $11.20. The firm has a market cap of $727.41 million, a P/E ratio of -12.04 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.

Insider Activity

In related news, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction on Monday, June 9th. The stock was sold at an average price of $12.59, for a total transaction of $25,180.00. Following the completion of the sale, the chief financial officer now directly owns 217,705 shares of the company's stock, valued at $2,740,905.95. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders sold 60,164 shares of company stock valued at $480,378. Company insiders own 5.50% of the company's stock.

Wall Street Analyst Weigh In

SERV has been the subject of a number of recent analyst reports. Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating for the company. Three research 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 presently has an average rating of "Strong Buy" and a consensus 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.