Investors Buy High Volume of Serve Robotics Call Options (NASDAQ:SERV)

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of some unusual options trading on Monday. Stock traders acquired 24,783 call options on the stock. This represents an increase of 145% compared to the average daily volume of 10,099 call options.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SERV shares. Cantor Fitzgerald cut shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a research report on Friday, August 7th. LADENBURG THALM/SH SH reduced their price objective on shares of Serve Robotics from $15.00 to $13.60 and set a “buy” rating for the company in a research note on Friday. Zacks Research lowered Serve Robotics from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 13th. Guggenheim lowered their target price on Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a report on Monday, August 10th. Finally, Weiss Ratings raised Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.37.

Serve Robotics Price Performance

Serve Robotics stock traded up $0.28 during trading hours on Monday, reaching $3.50. The stock had a trading volume of 5,409,259 shares, compared to its average volume of 4,480,442. The company has a market cap of $303.92 million, a price-to-earnings ratio of -1.36 and a beta of 1.92. The business’s 50 day moving average price is $3.96 and its 200-day moving average price is $7.02. Serve Robotics has a 52 week low of $2.26 and a 52 week high of $16.08.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.02. Serve Robotics had a negative net margin of 2,079.02% and a negative return on equity of 62.35%. The business had revenue of $2.83 million during the quarter, compared to analyst estimates of $1.63 million. On average, sell-side analysts forecast that Serve Robotics will post -2.87 EPS for the current fiscal year.

Insider Activity at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 37,993 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $4.55, for a total transaction of $172,868.15. Following the transaction, the chief operating officer directly owned 1,260,251 shares in the company, valued at $5,734,142.05. This represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ali Kashani sold 45,158 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $4.56, for a total transaction of $205,920.48. Following the transaction, the chief executive officer directly owned 3,232,933 shares in the company, valued at $14,742,174.48. This trade represents a 1.38% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 124,220 shares of company stock worth $585,554 over the last three months. 5.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. FNY Investment Advisers LLC purchased a new position in Serve Robotics in the second quarter worth $26,000. Allworth Financial LP acquired a new position in shares of Serve Robotics during the second quarter worth $26,000. EverSource Wealth Advisors LLC increased its position in shares of Serve Robotics by 65.2% during the first quarter. EverSource Wealth Advisors LLC now owns 5,274 shares of the company’s stock worth $45,000 after purchasing an additional 2,082 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Serve Robotics by 75.2% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,861 shares of the company’s stock valued at $45,000 after purchasing an additional 2,944 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at $61,000.

Serve Robotics Company Profile

Serve Robotics develops and operates autonomous, electric sidewalk delivery robots designed to transport goods over short distances. Its robots use cameras, sensors, artificial intelligence and remote human assistance to navigate sidewalks, cross streets and interact with customers while delivering items such as restaurant meals, groceries and other local orders.

The company’s services are primarily aimed at on-demand delivery platforms, restaurants and retailers. Serve has deployed its robots for commercial deliveries in the United States, including the Los Angeles area, and has worked with partners such as Uber Eats to support local delivery operations.