Serve Robotics (NASDAQ:SERV) Stock Sees Heavy Call Option Buying

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of some unusual options trading on Wednesday. Investors bought 18,450 call options on the company. This is an increase of 15% compared to the average volume of 16,049 call options.

Serve Robotics Trading Up 0.4%

NASDAQ SERV traded up $0.02 during mid-day trading on Wednesday, hitting $4.65. The company’s stock had a trading volume of 5,492,536 shares, compared to its average volume of 4,638,630. The company’s 50 day simple moving average is $4.80 and its 200 day simple moving average is $6.89. Serve Robotics has a twelve month low of $4.17 and a twelve month high of $18.64. The firm has a market capitalization of $403.20 million, a price-to-earnings ratio of -1.90 and a beta of 1.25.

Serve Robotics (NASDAQ:SERV) last released 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 for the quarter, compared to analyst estimates of $3.51 million. As a group, research analysts forecast that Serve Robotics will post -2.71 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Activity at Serve Robotics

In related news, CFO Brian Read sold 25,240 shares of Serve Robotics stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $5.24, for a total transaction of $132,257.60. Following the sale, the chief financial officer directly owned 291,831 shares in the company, valued at $1,529,194.44. This trade represents a 7.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $4.56, for a total value of $205,920.48. Following the completion of the sale, the chief executive officer owned 3,232,933 shares of the company’s stock, valued at $14,742,174.48. The trade was a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 124,220 shares of company stock worth $585,554 in the last quarter. 5.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in Serve Robotics by 90.7% during the 2nd quarter. State Street Corp now owns 2,456,658 shares of the company’s stock worth $16,165,000 after purchasing an additional 1,168,714 shares in the last quarter. WINTON GROUP Ltd purchased a new position in shares of Serve Robotics during the second quarter valued at approximately $89,000. Engineers Gate Manager LP purchased a new position in shares of Serve Robotics during the second quarter valued at approximately $214,000. Squarepoint Ops LLC grew its holdings in Serve Robotics by 237.3% during the second quarter. Squarepoint Ops LLC now owns 100,903 shares of the company’s stock worth $664,000 after buying an additional 70,992 shares in the last quarter. Finally, HighTower Advisors LLC raised its position in Serve Robotics by 81.5% in the 2nd quarter. HighTower Advisors LLC now owns 18,176 shares of the company’s stock valued at $120,000 after buying an additional 8,160 shares during the last quarter.

Serve Robotics Company Profile

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.