Short Interest in Serve Robotics Inc. (NASDAQ:SERV) Declines By 37.1%

Serve Robotics Inc. (NASDAQ:SERV) saw a large decrease in short interest in December. As of December 15th, there was short interest totalling 2,490,000 shares, a decrease of 37.1% from the November 30th total of 3,960,000 shares. Based on an average daily trading volume, of 7,120,000 shares, the days-to-cover ratio is currently 0.3 days. Currently, 9.0% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Performance

NASDAQ SERV opened at $17.64 on Friday. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.09. The stock’s 50 day moving average price is $10.69 and its two-hundred day moving average price is $8.64.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 194,922 shares of company stock worth $2,178,354. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the stock. PFG Investments LLC bought a new position in shares of Serve Robotics in the second quarter valued at about $110,000. Thomist Capital Management LP acquired a new position in Serve Robotics in the 2nd quarter valued at about $407,000. Bfsg LLC bought a new position in Serve Robotics in the 3rd quarter valued at about $38,000. Harbour Capital Advisors LLC acquired a new stake in Serve Robotics during the third quarter worth approximately $198,000. Finally, Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the third quarter worth approximately $9,636,000.

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.