Serve Robotics Inc. (NASDAQ:SERV) Sees Significant Increase in Short Interest

Serve Robotics Inc. (NASDAQ:SERV) was the target of a significant increase in short interest during the month of 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. Approximately 13.8% of the company’s stock are short sold. Based on an average daily trading volume, of 8,570,000 shares, the short-interest ratio is presently 0.4 days.

Serve Robotics Stock Up 2.1 %

Serve Robotics stock traded up $0.39 during mid-day trading on Thursday, hitting $18.88. The company’s stock had a trading volume of 11,980,131 shares, compared to its average volume of 16,013,281. Serve Robotics has a 52-week low of $1.77 and a 52-week high of $24.35. The firm’s 50 day moving average is $12.57 and its 200 day moving average is $10.13.

Analysts Set New Price Targets

SERV has been the subject of a number of recent analyst reports. Northland Securities increased their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday. 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 target price on the stock. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note 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. According to MarketBeat, the company presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Insider Buying and Selling

In related news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several institutional investors have recently made changes to their positions in the stock. Harbour Capital Advisors LLC boosted its stake in shares of Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after buying an additional 25,475 shares during the period. Tidal Investments LLC purchased a new stake in shares of Serve Robotics during the third quarter worth $262,000. Geode Capital Management LLC raised its holdings in shares of Serve Robotics by 128.1% during the third 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 in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the third quarter valued at $68,000. Finally, State Street Corp purchased a new position in Serve Robotics in the third quarter valued at about $333,000.

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.