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

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

Insiders Place Their Bets

In related news, COO Touraj Parang sold 50,000 shares of the 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 transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction dated 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 directly owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock worth $3,309,166 over the last three months. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the third quarter worth $26,000. Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics during the third quarter worth approximately $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at $80,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at about $148,000.

Wall Street Analysts Forecast Growth

SERV has been the topic of several research analyst reports. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Securities lifted their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Performance

SERV stock traded up $0.39 during midday trading on Thursday, hitting $18.88. 11,980,131 shares of the stock were exchanged, compared to its average volume of 16,013,281. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The stock’s 50-day moving average price is $12.57 and its 200-day moving average price is $10.13.

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.