PFG Investments LLC Trims Stock Holdings in Serve Robotics Inc. (NASDAQ:SERV)

PFG Investments LLC lessened its stake in shares of Serve Robotics Inc. (NASDAQ:SERV) by 30.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,498 shares of the company’s stock after selling 14,000 shares during the quarter. PFG Investments LLC owned 0.07% of Serve Robotics worth $439,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Larson Financial Group LLC purchased a new position in shares of Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC purchased a new position in shares of Serve Robotics during the third quarter worth $38,000. SG Americas Securities LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at $114,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the third quarter valued at $68,000. Finally, Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at $80,000.

Analysts Set New Price Targets

Several equities analysts have weighed in on SERV shares. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Securities boosted their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Insider Activity

In other news, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by insiders.

Serve Robotics Trading Up 1.4 %

Shares of Serve Robotics stock opened at $16.34 on Friday. Serve Robotics Inc. has a 52-week low of $1.77 and a 52-week high of $24.35. The company has a 50 day moving average of $14.42 and a 200 day moving average of $11.24.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.36 million. On average, research analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Serve Robotics 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.