Serve Robotics Inc. (NASDAQ:SERV) Short Interest Update

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 3,800,000 shares, an increase of 52.6% from the December 15th total of 2,490,000 shares. Based on an average daily volume of 8,570,000 shares, the days-to-cover ratio is presently 0.4 days. Approximately 13.8% of the shares of the stock are sold short.

Serve Robotics Price Performance

Shares of SERV stock traded down $0.35 on Friday, reaching $18.53. 3,411,246 shares of the company were exchanged, compared to its average volume of 14,816,706. Serve Robotics has a one year low of $1.77 and a one year high of $24.35. The company has a 50-day moving average of $12.73 and a 200-day moving average of $10.19.

Insider Buying and Selling at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. State Street Corp bought a new position in shares of Serve Robotics in the 3rd quarter worth $333,000. Geode Capital Management LLC raised its holdings in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the last quarter. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics in the third quarter valued at $9,636,000. Thomist Capital Management LP acquired a new position in shares of Serve Robotics during the second quarter valued at about $407,000. Finally, Bfsg LLC bought a new stake in shares of Serve Robotics during the third quarter worth about $38,000.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SERV shares. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Serve Robotics has an average rating of “Strong Buy” and a consensus price target of $19.50.

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.