Schonfeld Strategic Advisors LLC Takes $1.35 Million Position in Serve Robotics Inc. (NASDAQ:SERV)

Schonfeld Strategic Advisors LLC acquired a new position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 100,309 shares of the company's stock, valued at approximately $1,354,000. Schonfeld Strategic Advisors LLC owned 0.23% of Serve Robotics at the end of the most recent quarter.

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

Serve Robotics Price Performance

Shares of NASDAQ SERV traded up $0.90 during trading hours on Friday, hitting $7.46. 13,362,828 shares of the stock were exchanged, compared to its average volume of 9,477,621. Serve Robotics Inc. has a one year low of $1.77 and a one year high of $24.35. The company's 50 day moving average is $6.40 and its 200 day moving average is $10.91. The firm has a market capitalization of $425.27 million and a P/E ratio of -6.22.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.02). The firm had revenue of $0.44 million for the quarter, compared to the consensus estimate of $0.49 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. Research analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, the chief executive officer now directly owns 3,225,852 shares of the company's stock, valued at $29,710,096.92. This represents a 0.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Read sold 7,000 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $8.03, for a total transaction of $56,210.00. Following the transaction, the chief financial officer now owns 233,900 shares in the company, valued at approximately $1,878,217. The trade was a 2.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,934 shares of company stock worth $367,524 over the last three months. 21.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Company 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.