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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 8,110,000 shares, a growth of 22.7% from the March 15th total of 6,610,000 shares. Currently, 19.4% of the shares of the stock are short sold. Based on an average daily volume of 9,010,000 shares, the days-to-cover ratio is currently 0.9 days.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and an average target price of $19.50.

Insider Activity

In related news, CEO Ali Kashani sold 3,713 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the sale, the chief executive officer now owns 3,225,852 shares of the company's stock, valued at approximately $29,710,096.92. This represents a 0.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 11,369 shares of company stock worth $90,704 over the last ninety days. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Blue Trust Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new stake in Serve Robotics in the 4th quarter valued at about $34,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics during the 4th quarter valued at about $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Serve Robotics during the 1st quarter worth about $49,000. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Serve Robotics by 82.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,966 shares of the company's stock worth $109,000 after acquiring an additional 8,566 shares during the last quarter.

Serve Robotics Stock Up 12.9 %

Shares of SERV traded up $0.76 on Thursday, hitting $6.66. 5,491,727 shares of the stock traded hands, compared to its average volume of 9,249,914. Serve Robotics has a 1 year low of $1.77 and a 1 year high of $24.35. The stock's 50 day moving average is $7.40 and its two-hundred day moving average is $11.15. The firm has a market capitalization of $379.07 million and a P/E ratio of -5.55.

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.