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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) saw some unusual options trading on Thursday. Traders acquired 15,550 call options on the stock. This is an increase of approximately 71% compared to the average volume of 9,103 call options.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction 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. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 22,500 shares of the company's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $14.93, for a total transaction of $335,925.00. Following the transaction, the chief executive officer now directly owns 3,306,998 shares in the company, valued at $49,373,480.14. The trade was a 0.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 194,922 shares of company stock worth $2,178,354. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics in the third quarter worth about $9,636,000. Thomist Capital Management LP purchased a new position in Serve Robotics during the 2nd quarter worth approximately $407,000. Geode Capital Management LLC raised its stake in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. PFG Investments LLC acquired a new stake in shares of Serve Robotics in the second quarter worth $110,000. Finally, State Street Corp purchased a new position in shares of Serve Robotics during the third quarter valued at $333,000.

Wall Street Analysts Forecast Growth

SERV has been the subject of a number of research reports. Northland Capmk raised Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Northland Securities began coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an "outperform" rating and a $16.00 target price for the company. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price target on the stock. Finally, Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Two 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, the company has a consensus rating of "Strong Buy" and an average target price of $16.00.

Serve Robotics Trading Up 24.8 %

Shares of Serve Robotics stock traded up $3.50 on Thursday, hitting $17.64. The company had a trading volume of 15,721,607 shares, compared to its average volume of 9,491,264. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.09. The business has a 50-day simple moving average of $10.69 and a 200-day simple moving average of $8.64.

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.