Short Interest in Serve Robotics Inc. (NASDAQ:SERV) Increases By 52.6%

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of a significant increase in short interest in December. As of December 31st, there was short interest totalling 3,800,000 shares, an increase of 52.6% from the December 15th total of 2,490,000 shares. Based on an average trading volume of 8,570,000 shares, the short-interest ratio is currently 0.4 days. Currently, 13.8% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of recent research reports. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Northland Securities lifted their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the stock in a transaction 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 completion of the sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 253,027 shares of company stock worth $3,309,166. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in Serve Robotics in the fourth quarter valued at $114,000. Atomi Financial Group Inc. acquired a new stake in Serve Robotics in the 4th quarter valued at about $209,000. Harbour Capital Advisors LLC lifted its stake in Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after purchasing an additional 25,475 shares during the last quarter. Tidal Investments LLC acquired a new position in Serve Robotics during the third quarter worth approximately $262,000. Finally, Geode Capital Management LLC increased its holdings in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares during the last quarter.

Serve Robotics Stock Down 3.3 %

Shares of NASDAQ:SERV traded down $0.62 during trading on Friday, hitting $18.26. 9,720,446 shares of the company were exchanged, compared to its average volume of 15,442,528. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The firm has a fifty day moving average price of $12.73 and a two-hundred day moving average price of $10.19.

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.