Serve Robotics Inc. (NASDAQ:SERV) is Yong Rong HK Asset Management Ltd's 7th Largest Position

Yong Rong HK Asset Management Ltd reduced its stake in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 41.9% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 704,000 shares of the company's stock after selling 508,000 shares during the quarter. Serve Robotics accounts for approximately 4.1% of Yong Rong HK Asset Management Ltd's portfolio, making the stock its 7th largest holding. Yong Rong HK Asset Management Ltd owned 1.59% of Serve Robotics worth $9,504,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. bought a new position in Serve Robotics during the fourth quarter worth about $27,000. Bogart Wealth LLC bought a new position in Serve Robotics in the 4th quarter worth approximately $37,000. Larson Financial Group LLC purchased a new position in Serve Robotics in the 3rd quarter valued at approximately $26,000. SG Americas Securities LLC bought a new stake in Serve Robotics during the 4th quarter valued at $114,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics during the 3rd quarter valued at $68,000.

Insiders Place Their Bets

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 173,978 shares of company stock valued at $2,629,874 in the last quarter. Corporate insiders own 21.40% of the company's stock.

Serve Robotics Price Performance

NASDAQ SERV traded down $0.47 during trading on Wednesday, reaching $9.37. The company's stock had a trading volume of 5,662,975 shares, compared to its average volume of 12,891,123. The firm has a fifty day moving average of $16.32 and a 200 day moving average of $11.83. Serve Robotics Inc. has a one year low of $1.77 and a one year high of $24.35.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a research 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, the company currently has an average rating of "Strong Buy" and a consensus price target 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.