Geode Capital Management LLC Raises Stock Holdings in Serve Robotics Inc. (NASDAQ:SERV)

Geode Capital Management LLC grew its position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 128.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 130,853 shares of the company's stock after purchasing an additional 73,496 shares during the quarter. Geode Capital Management LLC owned about 0.30% of Serve Robotics worth $1,041,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter valued at about $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics in the 2nd quarter valued at $407,000. PFG Investments LLC acquired a new position in shares of Serve Robotics during the 2nd quarter valued at $110,000. State Street Corp bought a new position in Serve Robotics during the third quarter worth $333,000. Finally, Harbour Capital Advisors LLC acquired a new stake in Serve Robotics in the third quarter worth $198,000.

Serve Robotics Stock Performance

NASDAQ:SERV traded up $1.94 during mid-day trading on Friday, reaching $18.74. The stock had a trading volume of 14,864,369 shares, compared to its average volume of 17,468,639. The firm has a 50 day moving average price of $12.16 and a two-hundred day moving average price of $9.77. Serve Robotics Inc. has a one year low of $1.77 and a one year high of $24.35.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 target price on the stock. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research note on Friday, October 18th. Finally, Northland Securities started coverage on Serve Robotics in a research note on Friday, October 18th. They set an "outperform" rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and an average price target of $16.00.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company's stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 in the last quarter. Company insiders own 21.40% of the company's stock.

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.