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

Serve Robotics Inc. (NASDAQ:SERV) was the target of some unusual options trading on Thursday. Stock traders purchased 39,237 call options on the company. This is an increase of 52% compared to the typical volume of 25,829 call options.

Wall Street Analysts Forecast Growth

SERV has been the subject of several research analyst reports. Northland Securities set a $26.00 price objective on shares of Serve Robotics in a research report on Monday, October 13th. Citigroup reissued an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Seaport Res Ptn cut shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Finally, Wedbush began coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price for the company. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Serve Robotics currently has a consensus rating of “Moderate Buy” and an average price target of $19.33.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, insider Euan Abraham sold 25,000 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $14.99, for a total value of $374,750.00. Following the completion of the transaction, the insider directly owned 227,019 shares of the company’s stock, valued at approximately $3,403,014.81. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Anthony Armenta sold 49,082 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $9.32, for a total transaction of $457,444.24. Following the transaction, the insider owned 560,037 shares in the company, valued at $5,219,544.84. The trade was a 8.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 460,766 shares of company stock worth $5,322,045 over the last quarter. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently modified their holdings of SERV. Arkadios Wealth Advisors acquired a new position in shares of Serve Robotics in the 1st quarter valued at approximately $74,000. Charles Schwab Investment Management Inc. lifted its position in Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after acquiring an additional 1,545 shares in the last quarter. Swiss National Bank bought a new stake in Serve Robotics in the 1st quarter valued at $305,000. Virtu Financial LLC boosted its stake in Serve Robotics by 71.5% in the 1st quarter. Virtu Financial LLC now owns 59,054 shares of the company’s stock worth $340,000 after purchasing an additional 24,614 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in Serve Robotics during the 1st quarter worth about $146,000.

Serve Robotics Trading Up 10.7%

Shares of SERV stock traded up $1.26 on Thursday, hitting $13.06. The stock had a trading volume of 16,601,365 shares, compared to its average volume of 8,085,782. Serve Robotics has a twelve month low of $4.66 and a twelve month high of $24.35. The company has a fifty day moving average price of $12.22 and a two-hundred day moving average price of $11.48. The firm 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) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.54) 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 business 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.

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.