Northern Trust Corp Acquires 20,253 Shares of Serve Robotics Inc. (NASDAQ:SERV)

Northern Trust Corp raised its holdings in Serve Robotics Inc. (NASDAQ:SERV) by 178.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,633 shares of the company’s stock after purchasing an additional 20,253 shares during the period. Northern Trust Corp owned approximately 0.07% of Serve Robotics worth $427,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Blue Trust Inc. bought a new stake in Serve Robotics in the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics in the 4th quarter valued at about $34,000. Bogart Wealth LLC bought a new stake in Serve Robotics in the 4th quarter valued at about $37,000. DnB Asset Management AS lifted its holdings in shares of Serve Robotics by 52.3% during the 4th quarter. DnB Asset Management AS now owns 21,356 shares of the company’s stock worth $288,000 after acquiring an additional 7,336 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in shares of Serve Robotics by 294.0% during the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company’s stock worth $147,000 after acquiring an additional 8,100 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They set an “overweight” rating for the company. Northland Securities set a $23.00 price target on shares of Serve Robotics in a report on Tuesday, February 18th. Three equities 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 MarketBeat, the stock presently has a consensus rating of “Strong Buy” and an average price target of $18.67.

Insider Activity

In related news, CFO Brian Read sold 29,100 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer now directly owns 240,900 shares of the company’s stock, valued at $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 56,869 shares of company stock valued at $440,227. 21.40% of the stock is currently owned by insiders.

Serve Robotics Stock Performance

NASDAQ:SERV opened at $11.51 on Friday. The firm’s fifty day moving average is $7.38 and its 200-day moving average is $11.00. Serve Robotics Inc. has a 52 week low of $1.82 and a 52 week high of $24.35. The firm has a market cap of $656.15 million and a P/E ratio of -10.86.

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.