Raymond James Financial Inc. Purchases New Shares in Serve Robotics Inc. (NASDAQ:SERV)

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

Several other hedge funds have also added to or reduced their stakes in the business. Blue Trust Inc. bought a new position in Serve Robotics during the 4th quarter worth approximately $27,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $37,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics in the third quarter worth approximately $68,000. SG Americas Securities LLC purchased a new position in shares of Serve Robotics in the fourth quarter worth $114,000. Finally, Stephens Inc. AR bought a new stake in Serve Robotics during the 4th quarter valued at $142,000.

Serve Robotics Stock Performance

Shares of Serve Robotics stock traded down $0.19 during midday trading on Friday, reaching $5.22. 4,047,792 shares of the company's stock traded hands, compared to its average volume of 9,424,754. The stock has a 50 day moving average of $11.02 and a 200-day moving average of $11.45. Serve Robotics Inc. has a 12 month low of $1.77 and a 12 month high of $24.35. The company has a market cap of $297.11 million and a PE ratio of -4.35.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the sale, the chief executive officer now owns 3,225,852 shares of the company's stock, valued at approximately $29,710,096.92. The trade was a 0.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 47,011 shares of company stock valued at $881,328. 21.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a 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. Based on data from MarketBeat, the company currently has an average rating of "Strong Buy" and an average 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.