Virtu Financial LLC Purchases 24,614 Shares of Serve Robotics Inc. (NASDAQ:SERV)

Virtu Financial LLC raised its position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 71.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,054 shares of the company's stock after purchasing an additional 24,614 shares during the period. Virtu Financial LLC owned about 0.10% of Serve Robotics worth $340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Swiss National Bank bought a new stake in Serve Robotics during the 1st quarter valued at $305,000. Charles Schwab Investment Management Inc. raised its position in shares of Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after acquiring an additional 1,545 shares in the last quarter. Arkadios Wealth Advisors bought a new position in shares of Serve Robotics in the 1st quarter worth $74,000. Phoenix Financial Ltd. bought a new position in shares of Serve Robotics in the 1st quarter worth $87,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Serve Robotics in the 1st quarter worth $49,000.

Serve Robotics Price Performance

Shares of NASDAQ:SERV opened at $10.18 on Friday. The business's 50-day moving average is $10.97 and its 200 day moving average is $10.01. Serve Robotics Inc. has a 1 year low of $4.66 and a 1 year high of $24.35. The firm has a market capitalization of $609.58 million, a P/E ratio of -8.85 and a beta of -0.11.

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). Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The business had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. On average, analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Wall Street Analyst Weigh In

SERV has been the subject of several recent research reports. Cantor Fitzgerald initiated coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Serve Robotics currently has a consensus rating of "Buy" and a consensus target price of $18.67.

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 5,565 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total transaction of $59,211.60. Following the transaction, the chief operating officer directly owned 1,419,106 shares of the company's stock, valued at $15,099,287.84. This represents a 0.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the transaction, the director directly owned 50,725 shares in the company, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,182 shares of company stock worth $470,822 over the last ninety days. Corporate insiders own 5.50% of the company's stock.

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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