Vontobel Holding Ltd. Makes New Investment in Serve Robotics Inc. $SERV

Vontobel Holding Ltd. acquired a new position in Serve Robotics Inc. (NASDAQ:SERV) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 21,010 shares of the company’s stock, valued at approximately $240,000.

A number of other hedge funds have also recently made changes to their positions in the business. Exchange Traded Concepts LLC boosted its stake in shares of Serve Robotics by 12.9% in the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company’s stock worth $11,397,000 after acquiring an additional 113,761 shares during the period. Capital Fund Management S.A. purchased a new position in Serve Robotics in the 1st quarter worth approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after buying an additional 584,302 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Serve Robotics during the first quarter valued at approximately $2,064,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Serve Robotics by 280.4% during the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company’s stock valued at $1,709,000 after buying an additional 219,018 shares during the last quarter.

Serve Robotics Trading Up 6.4%

Serve Robotics stock opened at $17.51 on Thursday. The firm has a 50-day moving average price of $11.88 and a 200-day moving average price of $10.18. The firm has a market capitalization of $1.05 billion, a PE ratio of -15.23 and a beta of -0.70. Serve Robotics Inc. has a 12-month low of $4.66 and a 12-month high of $24.35.

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

Analyst Ratings Changes

Several research firms recently weighed in on SERV. Wedbush began coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price for the company. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a research report on Wednesday, October 8th. Seaport Res Ptn downgraded Serve Robotics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Finally, Northland Securities set a $26.00 price objective on Serve Robotics in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $18.50.

Insider Activity

In related news, General Counsel Evan Dunn sold 20,458 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.09, for a total transaction of $308,711.22. Following the completion of the sale, the general counsel directly owned 210,309 shares of the company’s stock, valued at approximately $3,173,562.81. This trade represents a 8.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Touraj Parang sold 4,825 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.25, for a total value of $73,581.25. Following the sale, the chief operating officer directly owned 1,360,591 shares of the company’s stock, valued at $20,749,012.75. This represents a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 365,102 shares of company stock worth $4,134,977 in the last three months. Corporate insiders own 5.50% of the company’s stock.

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.