PFG Investments LLC Increases Position in Serve Robotics Inc. (NASDAQ:SERV)

PFG Investments LLC increased its stake in Serve Robotics Inc. (NASDAQ:SERV) by 12.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,498 shares of the company’s stock after purchasing an additional 4,000 shares during the quarter. PFG Investments LLC’s holdings in Serve Robotics were worth $210,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Exchange Traded Concepts LLC increased its holdings in shares of Serve Robotics by 31.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company’s stock valued at $5,075,000 after purchasing an additional 210,977 shares in the last quarter. Jefferies Financial Group Inc. increased its holdings in shares of Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after purchasing an additional 4,000 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of Serve Robotics in the 4th quarter valued at about $815,000. Tidal Investments LLC increased its holdings in shares of Serve Robotics by 57.6% in the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock valued at $700,000 after purchasing an additional 18,948 shares in the last quarter. Finally, Man Group plc purchased a new position in shares of Serve Robotics in the 4th quarter valued at about $467,000.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the firm’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the transaction, the director now directly owns 50,725 shares in the company, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian Read sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $12.59, for a total transaction of $25,180.00. Following the sale, the chief financial officer now directly owns 217,705 shares in the company, valued at $2,740,905.95. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,883 shares of company stock worth $572,181. 5.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an “overweight” rating for the company. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $18.67.

Serve Robotics Trading Down 6.7%

NASDAQ:SERV opened at $10.23 on Thursday. The firm has a 50-day moving average price of $9.44 and a two-hundred day moving average price of $11.32. Serve Robotics Inc. has a twelve month low of $1.82 and a twelve month high of $24.35. The company has a market capitalization of $583.21 million, a P/E ratio of -9.65 and a beta of 1.67.

About Serve Robotics

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.