Serve Robotics Target of Unusually Large Options Trading (NASDAQ:SERV)

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 38,332 call options on the stock. Thisisanincreaseofapproximately268% compared to the average daily volume of 10,422 call options.

Serve Robotics Trading Up 13.0%

Serve Robotics stock opened at $11.61 on Thursday. The firm has a 50 day moving average of $10.64 and a 200 day moving average of $9.59. The firm has a market capitalization of $695.21 million, a price-to-earnings ratio of -10.10 and a beta of -0.11. Serve Robotics has a 12-month low of $4.66 and a 12-month high of $24.35.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.63 million. On average, analysts predict that Serve Robotics will post -0.98 EPS for the current year.

Insider Activity

In other news, General Counsel Evan Dunn sold 5,000 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $10.01, for a total transaction of $50,050.00. Following the completion of the sale, the general counsel owned 230,767 shares of the company’s stock, valued at $2,309,977.67. This represents a 2.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Touraj Parang sold 5,565 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $59,211.60. Following the sale, the chief operating officer directly owned 1,419,106 shares of the company’s stock, valued at $15,099,287.84. The trade was a 0.39% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,398 shares of company stock worth $573,223. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in SERV. Charles Schwab Investment Management Inc. boosted its position in shares of Serve Robotics by 13.8% during 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 during the last quarter. Creative Planning boosted its position in shares of Serve Robotics by 25.9% during the 2nd quarter. Creative Planning now owns 12,923 shares of the company’s stock valued at $148,000 after acquiring an additional 2,655 shares during the last quarter. Allworth Financial LP boosted its position in shares of Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock valued at $45,000 after acquiring an additional 2,964 shares during the last quarter. Brevan Howard Capital Management LP boosted its position in shares of Serve Robotics by 34.6% during the 2nd quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company’s stock valued at $165,000 after acquiring an additional 3,699 shares during the last quarter. Finally, Jefferies Financial Group Inc. boosted its position in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after acquiring an additional 4,000 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SERV shares. Wedbush started coverage on shares of Serve Robotics in a research report on Wednesday. They set an “outperform” rating and a $15.00 price target for the company. Cantor Fitzgerald began coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an “overweight” rating 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 issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $17.75.

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.