Traders Purchase Large Volume of Call Options on Serve Robotics (NASDAQ:SERV)

Serve Robotics Inc. (NASDAQ:SERV) experienced unusual options trading with 39,237 call options purchased, a 52% increase from the average. The stock rose 10.7% to $13.06, with a trading volume of 16,601,365 shares. Analysts have mixed ratings, with a moderate buy consensus and a $19.33 average price target. Recent insider sales and hedge fund activities were also noted.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was the target of some unusual options trading activity on Thursday. Stock traders purchased 39,237 call options on the company. This represents an increase of approximately 52% compared to the average volume of 25,829 call options.

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Serve Robotics Trading Up 10.7%

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SERV stock traded up $1.26 during trading on Thursday, hitting $13.06. The company had a trading volume of 16,601,365 shares, compared to its average volume of 8,085,782. The company has a fifty day moving average price of $12.22 and a two-hundred day moving average price of $11.48. Serve Robotics has a fifty-two week low of $4.66 and a fifty-two week high of $24.35. The company has a market cap of $972.56 million, a P/E ratio of -8.76 and a beta of -0.14.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.17). Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%.The company had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.69 million. On average, analysts expect that Serve Robotics will post -0.98 earnings per share for the current year.

Analyst Ratings Changes

The Uber Eats Partnership Fueling Serve Robotics' Growth

SERV has been the topic of a number of research reports. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Cantor Fitzgerald restated an "overweight" rating on shares of Serve Robotics in a report on Monday, November 17th. Northland Securities set a $26.00 price target on Serve Robotics in a research report on Monday, October 13th. Finally, Wedbush assumed coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Serve Robotics currently has an average rating of "Moderate Buy" and an average price target of $19.33.

Check Out Our Latest Research Report on SERV

Insider Buying and Selling at Serve Robotics

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In related news, CEO Ali Kashani sold 16,170 shares of the firm's stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $10.78, for a total transaction of $174,312.60. Following the completion of the sale, the chief executive officer directly owned 3,391,592 shares in the company, valued at approximately $36,561,361.76. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Anthony Armenta sold 49,082 shares of the business's stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $9.32, for a total value of $457,444.24. Following the completion of the transaction, the insider owned 560,037 shares in the company, valued at $5,219,544.84. This trade represents a 8.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 460,766 shares of company stock valued at $5,322,045 over the last three months. 5.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC bought a new stake in Serve Robotics during the third quarter worth about $27,000. Allworth Financial LP boosted its holdings in shares of Serve Robotics by 316.7% in the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after acquiring an additional 2,964 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Serve Robotics by 166.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company's stock worth $49,000 after acquiring an additional 2,637 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Serve Robotics during the 2nd quarter valued at $55,000. Finally, Russell Investments Group Ltd. acquired a new stake in Serve Robotics during the 3rd quarter valued at $59,000.

About Serve Robotics

(Get Free Report)

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.

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