Serve Robotics Sees Unusually Large Options Volume (NASDAQ:SERV)

Serve Robotics Inc. (NASDAQ:SERV) saw 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 volume of 7,765 call options.

Serve Robotics Price Performance

NASDAQ:SERV opened at $11.80 on Friday. The company’s 50-day moving average price is $9.15 and its 200-day moving average price is $7.48. Serve Robotics has a twelve month low of $1.77 and a twelve month high of $24.09.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction 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 $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the 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 transaction, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 80,337 shares of company stock worth $690,974. 21.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently bought and sold shares of the company. Tidal Investments LLC purchased a new position in Serve Robotics during the third quarter worth about $262,000. Geode Capital Management LLC increased its position in shares of Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after acquiring an additional 73,496 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the third quarter valued at about $68,000. State Street Corp acquired a new position in shares of Serve Robotics in the third quarter valued at approximately $333,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics in the third quarter valued at approximately $148,000.

Wall Street Analysts Forecast Growth

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

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.