Serve Robotics Inc. $SERV Shares Acquired by Virtu Financial LLC

Key Points

• Virtu Financial LLC increased its holdings in Serve Robotics by 71.5% in the first quarter, owning approximately 59,054 shares worth $340,000.
• Serve Robotics reported a quarterly EPS of (0.36), missing consensus estimates and experiencing a negative net margin of 3,726.00%.
• Insider sales included CEO Ali Kashani selling 7,467 shares at an average price of $10.74, representing a 0.21% decrease in ownership.

Virtu Financial LLC raised its stake 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 disclosure with the Securities and Exchange Commission (SEC). The fund owned 59,054 shares of the company's stock after acquiring an additional 24,614 shares during the period. Virtu Financial LLC owned approximately 0.10% of Serve Robotics worth $340,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SERV. Uber Technologies Inc acquired a new stake in shares of Serve Robotics during the fourth quarter valued at about $71,534,000. Vanguard Group Inc. increased its position in shares of Serve Robotics by 74.6% during 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 during the last quarter. Legal & General Group Plc acquired a new stake in shares of Serve Robotics during the fourth quarter valued at about $6,629,000. Captrust Financial Advisors acquired a new stake in shares of Serve Robotics during the fourth quarter valued at about $3,672,000. Finally, Exchange Traded Concepts LLC increased its position in shares of Serve Robotics by 31.4% during the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after acquiring an additional 210,977 shares during the last quarter.

Insider Activity at Serve Robotics

In other news, CEO Ali Kashani sold 7,467 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.74, for a total transaction of $80,195.58. Following the completion of the transaction, the chief executive officer directly owned 3,598,737 shares of the company's stock, valued at approximately $38,650,435.38. The trade was a 0.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Anthony Armenta sold 2,915 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total value of $31,132.20. Following the transaction, the insider directly owned 612,664 shares of the company's stock, valued at approximately $6,543,251.52. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,182 shares of company stock worth $470,822 over the last 90 days. 21.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Seaport Res Ptn cut shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Cantor Fitzgerald assumed coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $18.67.

Serve Robotics Stock Up 3.5%

Serve Robotics stock traded up $0.34 during mid-day trading on Monday, reaching $10.05. 3,019,054 shares of the company's stock were exchanged, compared to its average volume of 7,084,308. The company has a market cap of $601.49 million, a P/E ratio of -8.73 and a beta of -0.11. Serve Robotics Inc. has a twelve month low of $4.66 and a twelve month high of $24.35. The company has a fifty day moving average of $10.91 and a 200-day moving average of $9.87.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). The business had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. Equities research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

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.