Vanguard Group Inc. Purchases 544,537 Shares of Serve Robotics Inc. (NASDAQ:SERV)

Vanguard Group Inc. grew its position in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 74.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,274,303 shares of the company's stock after acquiring an additional 544,537 shares during the period. Vanguard Group Inc. owned about 2.88% of Serve Robotics worth $17,203,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. bought a new position in Serve Robotics during the fourth quarter worth about $27,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $37,000. SG Americas Securities LLC bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $114,000. Stephens Inc. AR acquired a new position in shares of Serve Robotics during the 4th quarter worth approximately $142,000. Finally, Balboa Wealth Partners acquired a new position in shares of Serve Robotics during the 4th quarter worth approximately $150,000.

Serve Robotics Stock Performance

Shares of NASDAQ SERV traded up $0.04 during trading hours on Friday, reaching $5.45. 1,791,330 shares of the stock were exchanged, compared to its average volume of 9,269,310. The firm has a market capitalization of $310.20 million and a price-to-earnings ratio of -4.54. The stock's fifty day simple moving average is $8.20 and its 200 day simple moving average is $11.23. Serve Robotics Inc. has a 52 week low of $1.77 and a 52 week high of $24.35.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 11,369 shares of company stock valued at $90,704 in the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price objective on shares of 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 company's stock. According to data from MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus target price 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.