Yong Rong HK Asset Management Ltd Reduces Stake in Serve Robotics Inc.

Yong Rong HK Asset Management Ltd has reduced its holdings in Serve Robotics Inc. (NASDAQ:SERV) by 41.9% during the fourth quarter. This information comes from its latest 13F filing with the Securities and Exchange Commission (SEC). After selling 508,000 shares during the quarter, the firm now owns 704,000 shares of Serve Robotics. This investment accounts for around 4.1% of Yong Rong HK Asset Management Ltd's total holdings, making it the 7th largest position in their portfolio. As of the latest reporting period, Yong Rong HK Asset Management Ltd held approximately 1.59% of Serve Robotics, valued at $9,504,000.

Investments by Other Institutional Investors

Other institutional investors and hedge funds have also adjusted their positions in Serve Robotics recently. Larson Financial Group LLC acquired a new position in Serve Robotics in the third quarter worth about $26,000. Similarly, Blue Trust Inc. purchased a new stake valued at around $27,000 during the fourth quarter. Bogart Wealth LLC acquired shares worth about $37,000 in the same period. Gordian Capital Singapore Pte Ltd bought shares valued at about $68,000 in the third quarter, while Quantum Private Wealth LLC added to its holdings with a new position worth approximately $80,000, also in the third quarter.

Analysis of Serve Robotics' Stock Performance

On Friday, the stock of Serve Robotics opened at $12.01. The company has seen a 12-month low of $1.77 and a 12-month high of $24.35. It has a 50-day moving average of $16.55 and a 200-day moving average of $11.90.

Insider Transactions

In recent developments, CEO Ali Kashani sold 37,500 shares of the company on January 6th, at an average price of $21.16, totaling $793,500. Following this transaction, he directly owns 3,230,990 shares in Serve Robotics, representing a value of approximately $68.4 million. This sale reflects a 1.15% decrease in his ownership. Additionally, COO Touraj Parang sold 50,000 shares on December 9th for an average price of $12.99, totaling about $649,500. After this sale, he holds around 1,163,439 shares worth approximately $15.1 million, marking a 4.12% decrease in his position. In total, insiders sold 185,793 shares of the company's stock, amounting to $2,733,515 over the past three months, and insiders currently own 21.40% of the stock.

Analyst Ratings for Serve Robotics

Several analysts have provided ratings for Serve Robotics shares. Northland Securities set a target price of $23.00 for the shares, while LADENBURG THALM/SH SH began coverage and issued a "buy" rating with a $16.00 price objective. Currently, two analysts have given the stock a buy rating, and three provided a strong buy rating. Overall, the consensus rating for the company is a "Strong Buy" with an average price target of $19.50.

Overview of Serve Robotics Inc.

Serve Robotics Inc. specializes in designing and operating low-emission robots for food delivery in public spaces throughout the United States. The company builds self-driving delivery robots and was previously known as Patricia Acquisition Corp. before changing its name in July 2023.

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