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

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of a significant decline in short interest in January. As of January 31st, there was short interest totalling 5,060,000 shares, a decline of 22.2% from the January 15th total of 6,500,000 shares. Approximately 18.4% of the company’s stock are short sold. Based on an average daily volume of 9,880,000 shares, the short-interest ratio is presently 0.5 days.

Insider Activity at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. 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. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at about $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $37,000. Larson Financial Group LLC bought a new position in Serve Robotics in the third quarter worth approximately $26,000. Finally, Bfsg LLC purchased a new stake in shares of Serve Robotics in the third quarter worth approximately $38,000.

Wall Street Analyst Weigh In

SERV has been the topic of several research analyst reports. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Securities increased their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Serve Robotics has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Down 39.6 %

Shares of NASDAQ SERV traded down $9.07 during mid-day trading on Friday, reaching $13.85. 53,584,753 shares of the company’s stock were exchanged, compared to its average volume of 9,570,236. The business has a fifty day simple moving average of $16.52 and a 200 day simple moving average of $12.00. Serve Robotics has a twelve month low of $1.77 and a twelve month high of $24.35.

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.