Short Interest in Serve Robotics Inc. (NASDAQ:SERV) Declines By 38.5%

Serve Robotics Inc. (NASDAQ:SERV) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 3,180,000 shares, a decline of 38.5% from the October 15th total of 5,170,000 shares. Based on an average daily volume of 6,370,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 11.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of SERV. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the 3rd quarter valued at $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the second quarter valued at about $407,000. Geode Capital Management LLC boosted its holdings in shares of 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. PFG Investments LLC bought a new stake in shares of Serve Robotics in the second quarter worth about $110,000. Finally, State Street Corp purchased a new position in Serve Robotics during the 3rd quarter valued at about $333,000.

Serve Robotics Price Performance

NASDAQ:SERV traded up $0.15 during trading hours on Friday, reaching $8.00. The company’s stock had a trading volume of 3,566,959 shares, compared to its average volume of 9,516,300. The firm has a 50-day simple moving average of $8.84 and a 200-day simple moving average of $7.02. Serve Robotics has a 1 year low of $1.77 and a 1 year high of $24.09.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) EPS for the quarter. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The company had revenue of $0.47 million during the quarter. Research analysts anticipate that Serve Robotics will post -0.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SERV has been the topic of a number of research analyst reports. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities initiated coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, Aegis upgraded Serve Robotics to a “strong-buy” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Buy” and a consensus price target of $16.00.

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.