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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 29,207 call options on the company. This is an increase of 95% compared to the typical volume of 14,976 call options.

Serve Robotics Stock Down 8.3 %

Shares of NASDAQ SERV traded down $1.09 during mid-day trading on Friday, reaching $12.01. The company had a trading volume of 8,096,240 shares, compared to its average volume of 13,479,813. Serve Robotics has a one year low of $1.77 and a one year high of $24.35. The business's 50-day simple moving average is $16.55 and its 200 day simple moving average is $11.93.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of recent research reports. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Northland Securities boosted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Serve Robotics currently has an average rating of "Strong Buy" and a consensus price target of $19.50.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the 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 transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ali Kashani sold 37,500 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,793 shares of company stock valued at $2,733,515 over the last ninety days. 21.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Uber Technologies Inc bought a new stake in Serve Robotics during the fourth quarter worth $71,534,000. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics during the third quarter worth $9,636,000. Exchange Traded Concepts LLC bought a new stake in Serve Robotics during the fourth quarter worth $9,066,000. Vanguard Group Inc. lifted its stake in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after purchasing an additional 544,537 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in Serve Robotics during the fourth quarter worth $6,629,000.

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.