Yong Rong HK Asset Management Ltd Has $9.50 Million Stake in Serve Robotics Inc. (NASDAQ:SERV)

Yong Rong HK Asset Management Ltd trimmed its position in Serve Robotics Inc. (NASDAQ:SERV) by 41.9% during the 4th quarter, HoldingsChannel reports. The firm owned 704,000 shares of the company’s stock after selling 508,000 shares during the quarter. Serve Robotics accounts for about 4.1% of Yong Rong HK Asset Management Ltd’s investment portfolio, making the stock its 7th largest holding. Yong Rong HK Asset Management Ltd’s holdings in Serve Robotics were worth $9,504,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in SERV. Larson Financial Group LLC bought a new position in Serve Robotics during the third quarter valued at approximately $26,000. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the 4th quarter worth approximately $27,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics during the 4th quarter valued at approximately $37,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Serve Robotics in the third quarter valued at $68,000. Finally, Quantum Private Wealth LLC bought a new stake in Serve Robotics in the third quarter worth $80,000.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ali Kashani sold 31,791 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.39, for a total value of $362,099.49. Following the transaction, the chief executive officer now directly owns 3,346,998 shares in the company, valued at approximately $38,122,307.22. This represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,793 shares of company stock worth $2,733,515 over the last quarter. Insiders own 21.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Northland Securities set a $23.00 target price on shares of Serve Robotics in a research report on Tuesday. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

NASDAQ SERV opened at $12.01 on Friday. The business’s 50 day moving average price is $16.55 and its 200-day moving average price is $11.90. Serve Robotics Inc. has a fifty-two week low of $1.77 and a fifty-two week 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.