Serve Robotics Inc. (NASDAQ:SERV) Sees Large Growth in Short Interest

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of a significant 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. Approximately 13.8% of the company’s stock are sold short. Based on an average daily trading volume, of 8,570,000 shares, the days-to-cover ratio is currently 0.4 days.

Analyst Ratings Changes

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

Serve Robotics Stock Down 1.8 %

Shares of SERV traded down $0.35 during mid-day trading on Friday, hitting $18.53. 3,411,246 shares of the company’s stock were exchanged, compared to its average volume of 14,816,706. The stock’s 50-day simple moving average is $12.73 and its 200-day simple moving average is $10.19. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.35.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the 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 sale, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction 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 sale, the director now directly 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 disclosure for this sale can be found here. Over 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.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp acquired a new stake in shares of Serve Robotics during the 3rd quarter worth $333,000. Geode Capital Management LLC lifted its position 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 purchasing an additional 73,496 shares during the period. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the third quarter worth about $9,636,000. Thomist Capital Management LP bought a new position in Serve Robotics in the 2nd quarter valued at about $407,000. Finally, Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at approximately $38,000.

Serve Robotics Company Profile

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.