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

Serve Robotics Inc. (NASDAQ:SERV) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,180,000 shares, a decline of 38.5% from the October 15th total of 5,170,000 shares. Based on an average daily volume of 6,370,000 shares, the short-interest ratio is presently 0.5 days. Approximately 11.9% of the shares of the company are sold short.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics during the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP purchased a new position in shares of Serve Robotics during the 2nd quarter valued at $407,000. PFG Investments LLC bought a new position in shares of Serve Robotics in the second quarter worth $110,000. Bfsg LLC bought a new position in shares of Serve Robotics in the third quarter worth $38,000. Finally, Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics in the third quarter worth $80,000.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SERV shares. Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Aegis upgraded Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Stock Performance

Shares of NASDAQ SERV traded up $0.15 during midday trading on Friday, hitting $8.00. The company’s stock had a trading volume of 3,566,959 shares, compared to its average volume of 9,516,300. The stock has a fifty day moving average price of $8.84 and a 200 day moving average price of $7.02. Serve Robotics has a one year low of $1.77 and a one year high of $24.09.

Serve Robotics (NASDAQ:SERV) last issued its earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.47 million for the quarter. Sell-side analysts predict that Serve Robotics will post -0.95 earnings per share for the current year.

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.