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

Key Points

• Traders purchased a significant volume of 37,818 call options for Serve Robotics, marking a 100% increase from the usual volume.
• The stock price rose 27.0% on the day, reaching $17.47, with a trading volume of over 22 million shares.
• Analysts have mixed views on Serve Robotics, with a consensus rating of "Moderate Buy" and a price target of $17.75.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was the target of unusually large options trading activity on Thursday. Traders acquired 37,818 call options on the company. This represents an increase of 100% compared to the typical volume of 18,921 call options.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SERV shares. Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Serve Robotics in a report on Wednesday. Wedbush started coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price target for the company. Finally, Seaport Res Ptn lowered shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.75.

Serve Robotics Stock Up 27.0%

NASDAQ SERV traded up $3.72 during trading hours on Thursday, hitting $17.47. The company had a trading volume of 22,115,606 shares, compared to its average volume of 7,662,338. The firm has a market cap of $1.05 billion, a P/E ratio of -15.01 and a beta of -0.70. Serve Robotics has a fifty-two week low of $4.66 and a fifty-two week high of $24.35. The business has a fifty day simple moving average of $11.26 and a 200-day simple moving average of $9.85.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.13). Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. Equities analysts forecast that Serve Robotics will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 164,735 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $10.33, for a total value of $1,701,712.55. Following the sale, the chief executive officer owned 3,434,002 shares of the company's stock, valued at approximately $35,473,240.66. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian Read sold 10,216 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $9.82, for a total transaction of $100,321.12. Following the completion of the sale, the chief financial officer directly owned 373,263 shares in the company, valued at approximately $3,665,442.66. This represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 365,102 shares of company stock valued at $4,134,977. Insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Institutional investors have recently modified their holdings of the company. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics during the first quarter valued at $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after purchasing an additional 584,302 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Serve Robotics by 176.0% during the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock worth $10,054,000 after buying an additional 560,361 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Serve Robotics during the 1st quarter worth $2,064,000. Finally, Bank of America Corp DE grew its position in shares of Serve Robotics by 157.9% in the 2nd quarter. Bank of America Corp DE now owns 401,557 shares of the company's stock valued at $4,594,000 after buying an additional 245,858 shares during the last quarter.

Serve Robotics Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.