Raymond James Financial Inc. Invests $1.98 Million in Serve Robotics Inc. (NASDAQ:SERV)

Raymond James Financial Inc. bought a new position in Serve Robotics Inc. (NASDAQ:SERV - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 146,492 shares of the company's stock, valued at approximately $1,978,000. Raymond James Financial Inc. owned about 0.33% of Serve Robotics as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Blue Trust Inc. acquired a new position in shares of Serve Robotics in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics in the fourth quarter worth about $34,000. Bogart Wealth LLC purchased a new position in shares of Serve Robotics in the fourth quarter worth approximately $37,000. SG Americas Securities LLC acquired a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $114,000. Finally, Stephens Inc. AR purchased a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $142,000.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the sale, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. This represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the completion of the transaction, the chief financial officer now owns 240,900 shares in the company, valued at $1,700,754. The trade was a 10.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,469 shares of company stock valued at $296,150. Insiders own 21.40% of the company's stock.

Serve Robotics Stock Performance

Shares of NASDAQ SERV traded down $0.09 during trading hours on Tuesday, hitting $6.25. The stock had a trading volume of 2,233,393 shares, compared to its average volume of 9,390,190. The firm's 50-day moving average price is $6.51 and its two-hundred day moving average price is $10.99. Serve Robotics Inc. has a 52 week low of $1.77 and a 52 week high of $24.35. The company has a market capitalization of $356.29 million and a P/E ratio of -5.21.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research report on Tuesday, February 18th. Two 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 has an average rating of "Strong Buy" and an average price target of $19.50.

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.