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

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of a significant 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. Approximately 18.4% of the company’s stock are sold short. Based on an average daily volume of 9,880,000 shares, the days-to-cover ratio is presently 0.5 days.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SERV. Northland Securities increased their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Performance

Serve Robotics stock opened at $22.92 on Friday. Serve Robotics has a 12 month low of $1.77 and a 12 month high of $24.35. The business has a 50 day simple moving average of $16.21 and a 200-day simple moving average of $11.99.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 over the last three months. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Blue Trust Inc. acquired a new position in shares of Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new stake in Serve Robotics during the fourth quarter worth about $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics during the fourth quarter worth about $37,000. Larson Financial Group LLC purchased a new position in Serve Robotics in the third quarter valued at about $26,000. Finally, Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at approximately $38,000.

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.