Serve Robotics Inc. (NASDAQ:SERV) Short Interest Down 22.2% in January

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) saw a large decrease in short interest in January. As of January 31st, there was short interest totalling 5,060,000 shares, a decrease of 22.2% from the January 15th total of 6,500,000 shares. Based on an average daily trading volume, of 9,880,000 shares, the days-to-cover ratio is presently 0.5 days. Currently, 18.4% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a "buy" rating and a $16.00 target price on the stock. Northland Securities upped their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Strong Buy" and an average target price of $19.50.

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares of the company's stock, 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 SEC, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 251,555 shares of company stock worth $3,297,405. 21.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently made changes to their positions in the stock. Two Sigma Investments LP bought a new position in shares of Serve Robotics in the 4th quarter worth $815,000. Tidal Investments LLC increased its holdings in shares of Serve Robotics by 57.6% in the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company's stock worth $700,000 after buying an additional 18,948 shares during the last quarter. Man Group plc purchased a new stake in shares of Serve Robotics in the 4th quarter valued at $467,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Serve Robotics in the 4th quarter valued at $431,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Serve Robotics in the 4th quarter valued at $1,279,000.

Serve Robotics Price Performance

Shares of NASDAQ:SERV traded down $2.03 during trading on Tuesday, reaching $11.82. The company had a trading volume of 24,185,401 shares, compared to its average volume of 13,393,113. The company has a fifty day moving average of $16.52 and a two-hundred day moving average of $11.92. Serve Robotics has a 12 month low of $1.77 and a 12 month high of $24.35.

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.