Raymond James Financial Inc. Makes New $1.98 Million Investment in Serve Robotics Inc. (NASDAQ:SERV)

Raymond James Financial Inc. bought a new position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 146,492 shares of the company's stock, valued at approximately $1,978,000. Raymond James Financial Inc. owned approximately 0.33% of Serve Robotics as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. State Street Corp acquired a new position in shares of Serve Robotics during the third quarter valued at about $333,000. Exchange Traded Concepts LLC acquired a new position in Serve Robotics during the 4th quarter worth approximately $9,066,000. Atomi Financial Group Inc. acquired a new position in Serve Robotics during the 4th quarter worth approximately $209,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock worth $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Finally, Stephens Inc. AR acquired a new stake in Serve Robotics in the fourth quarter valued at approximately $142,000.

Serve Robotics Trading Down 9.1 %

Shares of SERV traded down $0.50 on Friday, reaching $4.92. The company's stock had a trading volume of 2,476,718 shares, compared to its average volume of 9,418,785. Serve Robotics Inc. has a twelve month low of $1.77 and a twelve month high of $24.35. The stock has a market capitalization of $279.75 million and a PE ratio of -4.11. The firm has a fifty day moving average of $11.30 and a 200-day moving average of $11.44.

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Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction that occurred 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 transaction, the chief executive officer now owns 3,225,852 shares of the company's stock, valued at $29,710,096.92. The trade was a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders sold 47,011 shares of company stock valued at $881,328. Corporate insiders own 21.40% of the company's stock.

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.