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

Serve Robotics Inc. (NASDAQ:SERV) was the target of some unusual options trading activity on Wednesday. Investors acquired 29,207 call options on the company. This is an increase of approximately 95% compared to the average daily volume of 14,976 call options.

Serve Robotics Stock Up 18.5 %

Shares of NASDAQ SERV traded up $2.18 during trading hours on Wednesday, reaching $14.00. The stock had a trading volume of 19,400,937 shares, compared to its average volume of 13,555,350. The business’s fifty day moving average price is $16.52 and its two-hundred day moving average price is $11.92. Serve Robotics has a 52-week low of $1.77 and a 52-week high of $24.35.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SERV shares. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Insider Buying and Selling at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 251,555 shares of company stock valued at $3,297,405. Corporate insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Large investors have recently modified their holdings of the company. Blue Trust Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $37,000. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter worth about $26,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $114,000.

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.