Traders Buy High Volume of Serve Robotics Call Options (NASDAQ:SERV)

Serve Robotics Inc. (NASDAQ:SERV) saw some unusual options trading on Friday. Stock traders acquired 17,465 call options on the stock. This represents an increase of 53% compared to the typical daily volume of 11,390 call options.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SERV. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Securities raised their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Serve Robotics currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

Shares of SERV opened at $19.26 on Friday. The business’s 50 day moving average is $13.92 and its 200 day moving average is $10.87. Serve Robotics has a 12-month low of $1.77 and a 12-month high of $24.35.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.36 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, sell-side analysts anticipate that Serve Robotics will post -0.98 earnings per share for the current fiscal year.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the sale, the chief executive officer now directly owns 3,344,498 shares of the company’s stock, valued at approximately $45,217,612.96. The trade was a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock worth $3,309,166 over the last ninety days. 21.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $26,000. Blue Trust Inc. bought a new position in shares of Serve Robotics in the 4th quarter worth $27,000. Bfsg LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics during the 3rd quarter worth $68,000. Finally, Quantum Private Wealth LLC purchased a new position in Serve Robotics during the 3rd quarter worth $80,000.

About Serve Robotics

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.