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

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of some unusual options trading activity on Friday. Stock traders bought 20,005 call options on the stock. This represents an increase of approximately 158% compared to the average daily volume of 7,765 call options.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,337 shares of company stock worth $690,974 in the last 90 days. 21.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in SERV. PFG Investments LLC acquired a new position in shares of Serve Robotics during the 2nd quarter worth $110,000. Thomist Capital Management LP acquired a new stake in Serve Robotics in the 2nd quarter valued at about $407,000. Bfsg LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at about $38,000. Harbour Capital Advisors LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at about $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter valued at about $9,636,000.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SERV. Northland Securities began coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Serve Robotics presently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Up 23.8 %

NASDAQ:SERV opened at $11.80 on Friday. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.09. The firm’s fifty day simple moving average is $9.22 and its 200-day simple moving average is $7.54.

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.