Caitong International Asset Management Co. Ltd Takes Position in Serve Robotics Inc. (NASDAQ:SERV)

Caitong International Asset Management Co. Ltd acquired a new stake in shares of Serve Robotics Inc. (NASDAQ:SERV) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 25,343 shares of the company’s stock, valued at approximately $146,000.

A number of other hedge funds also recently made changes to their positions in SERV. Virtu Financial LLC increased its stake in shares of Serve Robotics by 71.5% in the first quarter. Virtu Financial LLC now owns 59,054 shares of the company’s stock worth $340,000 after buying an additional 24,614 shares during the last quarter. Swiss National Bank bought a new stake in shares of Serve Robotics in the first quarter worth $305,000. Charles Schwab Investment Management Inc. increased its stake in shares of Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after buying an additional 1,545 shares during the last quarter. Arkadios Wealth Advisors bought a new stake in shares of Serve Robotics in the first quarter worth $74,000. Finally, Phoenix Financial Ltd. bought a new stake in shares of Serve Robotics in the first quarter worth $87,000.

Insider Activity

In other news, CEO Ali Kashani sold 7,467 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.74, for a total transaction of $80,195.58. Following the completion of the transaction, the chief executive officer owned 3,598,737 shares of the company’s stock, valued at approximately $38,650,435.38. The trade was a 0.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Touraj Parang sold 5,565 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $59,211.60. Following the transaction, the chief operating officer directly owned 1,419,106 shares of the company’s stock, valued at approximately $15,099,287.84. This trade represents a 0.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,182 shares of company stock valued at $470,822 over the last quarter. 5.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SERV shares. Seaport Res Ptn lowered shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday. Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They issued an “overweight” rating for the company. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Serve Robotics presently has an average rating of “Buy” and a consensus price target of $18.67.

Serve Robotics Price Performance

SERV stock opened at $10.44 on Thursday. Serve Robotics Inc. has a 1-year low of $4.66 and a 1-year high of $24.35. The firm has a fifty day moving average price of $11.00 and a two-hundred day moving average price of $10.05. The firm has a market cap of $625.15 million, a price-to-earnings ratio of -9.08 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.13). Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. As a group, analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

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.