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

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

Analyst Ratings Changes

A number of research analysts have issued reports on SERV shares. Northland Securities upped their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. 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 target price on the stock. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Up 13.0 %

Shares of NASDAQ:SERV opened at $13.36 on Thursday. The firm’s 50 day simple moving average is $16.54 and its 200 day simple moving average is $11.93. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $13.52, for a total transaction of $33,800.00. Following the transaction, the chief executive officer now directly owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. This represents a 0.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the company’s 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 transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,793 shares of company stock valued at $2,733,515 in the last 90 days. 21.40% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

A number of hedge funds have recently modified their holdings of the company. Uber Technologies Inc acquired a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $71,534,000. Vanguard Group Inc. increased its stake in Serve Robotics by 74.6% during the 4th 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 in the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics during the 3rd quarter worth approximately $9,636,000. Exchange Traded Concepts LLC bought a new stake in Serve Robotics during the 4th quarter worth approximately $9,066,000. Finally, Legal & General Group Plc bought a new stake in Serve Robotics during the 4th quarter worth approximately $6,629,000.

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.