Geode Capital Management LLC Buys 73,496 Shares of Serve Robotics Inc. (NASDAQ:SERV)

Geode Capital Management LLC grew its position in Serve Robotics Inc. (NASDAQ:SERV) by 128.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 130,853 shares of the company’s stock after acquiring an additional 73,496 shares during the period. Geode Capital Management LLC owned 0.30% of Serve Robotics worth $1,041,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. State Street Corp bought a new position in Serve Robotics in the third quarter valued at about $333,000. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics in the 3rd quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new position in Serve Robotics in the 2nd quarter valued at approximately $407,000. PFG Investments LLC acquired a new stake in Serve Robotics during the 2nd quarter worth approximately $110,000. Finally, Bfsg LLC bought a new stake in Serve Robotics during the 3rd quarter worth approximately $38,000.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Northland Securities started coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Two research 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.com, the company presently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 252,462 shares of company stock valued at $3,298,197 in the last ninety days. 21.40% of the stock is owned by company insiders.

Serve Robotics Stock Down 9.7 %

Shares of SERV opened at $16.80 on Friday. The firm’s fifty day simple moving average is $11.99 and its two-hundred day simple moving average is $9.65. Serve Robotics Inc. has a 12 month low of $1.77 and a 12 month high of $24.35.

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.