Vanguard Group Inc. Acquires 544,537 Shares of Serve Robotics Inc. (NASDAQ:SERV)

Vanguard Group Inc. lifted its stake in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 74.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,274,303 shares of the company's stock after purchasing an additional 544,537 shares during the quarter. Vanguard Group Inc. owned 2.88% of Serve Robotics worth $17,203,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Blue Trust Inc. acquired a new position in shares of Serve Robotics in the fourth quarter worth about $27,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $37,000. SG Americas Securities LLC acquired a new position in Serve Robotics in the 4th quarter worth approximately $114,000. Stephens Inc. AR purchased a new position in Serve Robotics during the 4th quarter worth approximately $142,000. Finally, Balboa Wealth Partners acquired a new stake in Serve Robotics during the 4th quarter valued at $150,000.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Price Performance

SERV traded up $0.10 on Tuesday, reaching $5.27. 1,899,261 shares of the company traded hands, compared to its average volume of 9,242,006. The company has a market cap of $299.96 million and a price-to-earnings ratio of -4.39. The stock's 50 day moving average price is $7.56 and its 200-day moving average price is $11.18. Serve Robotics Inc. has a 52-week low of $1.77 and a 52-week high of $24.35.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 3,713 shares of the stock in a transaction on Thursday, February 27th. The stock was 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 approximately $29,710,096.92. This trade represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 11,369 shares of company stock valued at $90,704 in the last quarter. Company insiders own 21.40% of the company's stock.

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.