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

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SERV. Northland Securities increased their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH assumed 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. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Down 39.6 %

Shares of SERV traded down $9.07 during mid-day trading on Monday, hitting $13.85. 53,584,753 shares of the company's stock were exchanged, compared to its average volume of 9,570,236. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.35. The stock's 50-day simple moving average is $16.52 and its 200-day simple moving average is $11.96.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 251,555 shares of company stock valued at $3,297,405 over the last 90 days. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the fourth quarter worth about $34,000. Bogart Wealth LLC bought a new position in Serve Robotics in the 4th quarter valued at about $37,000. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at approximately $26,000. Finally, Jefferies Financial Group Inc. lifted its holdings in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after acquiring an additional 4,000 shares during the period.

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.