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

Serve Robotics Inc. (NASDAQ:SERV – Get Free Report) saw some unusual options trading on Wednesday. Investors bought 18,450 call options on the company. This is an increase of 15% compared to the typical volume of 16,049 call options.

Serve Robotics Stock Up 2.2%

Shares of NASDAQ:SERV opened at $4.75 on Friday. The business has a 50 day moving average of $4.78 and a 200-day moving average of $6.82. Serve Robotics has a 12-month low of $4.17 and a 12-month high of $18.64. The stock has a market cap of $411.87 million, a PE ratio of -1.94 and a beta of 1.43.

Serve Robotics (NASDAQ:SERV – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.11). Serve Robotics had a negative return on equity of 55.34% and a negative net margin of 2,315.80%.The business had revenue of $3.24 million during the quarter, compared to analyst estimates of $3.51 million. Equities research analysts expect that Serve Robotics will post -2.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Weiss Ratings raised Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 21st. Oppenheimer lowered their price objective on shares of Serve Robotics from $20.00 to $7.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Freedom Capital upgraded shares of Serve Robotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Cantor Fitzgerald cut Serve Robotics from an “overweight” rating to a “neutral” rating in a report on Friday, August 7th. Finally, Guggenheim reduced their price target on Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.77.

View Our Latest Stock Report on SERV

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 45,158 shares of Serve Robotics stock in a transaction dated Tuesday, August 18th. The stock was 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 approximately $14,742,174.48. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Brian Read sold 25,240 shares of Serve Robotics stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.24, for a total value of $132,257.60. Following the transaction, the chief financial officer owned 291,831 shares in the company, valued at $1,529,194.44. This trade represents a 7.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 124,220 shares of company stock valued at $585,554 in the last 90 days. 5.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc acquired a new position in Serve Robotics during the second quarter valued at approximately $8,410,000. BlackRock Inc. boosted its holdings in shares of Serve Robotics by 24.5% in the 2nd quarter. BlackRock Inc. now owns 6,040,854 shares of the company’s stock valued at $39,749,000 after purchasing an additional 1,190,622 shares in the last quarter. State Street Corp increased its stake in shares of Serve Robotics by 90.7% in the 2nd quarter. State Street Corp now owns 2,456,658 shares of the company’s stock valued at $16,165,000 after purchasing an additional 1,168,714 shares during the last quarter. Grange Capital LLC bought a new position in shares of Serve Robotics in the 1st quarter valued at $2,426,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Serve Robotics during the 2nd quarter worth $1,788,000.

About Serve Robotics

(Get Free Report)

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transport food, groceries, and other goods over short distances. Its robots use cameras, sensors, mapping technology, and artificial intelligence to navigate sidewalks, crossings, and other urban environments while allowing customers to receive deliveries through a digital platform.

The company’s delivery service is intended for restaurants, retailers, and delivery platforms seeking an alternative to traditional courier services.

Recommended Stories

Receive News & Ratings for Serve Robotics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Serve Robotics and related companies with MarketBeat.com's FREE daily email newsletter.