Serve Robotics Inc. (NASDAQ:SERV) Short Interest Down 37.1% in December

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of 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. Currently, 9.0% of the shares of the company are short sold. Based on an average daily volume of 7,120,000 shares, the short-interest ratio is presently 0.3 days.

Insiders Place Their Bets

In related news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the company’s 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 sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 194,922 shares of company stock worth $2,178,354 in the last quarter. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SERV. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics in the third quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics during the second quarter valued at approximately $407,000. PFG Investments LLC acquired a new position in shares of Serve Robotics during the second quarter worth approximately $110,000. Bfsg LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth $38,000. Finally, GSA Capital Partners LLP acquired a new stake in Serve Robotics in the 3rd quarter valued at $152,000.

Serve Robotics Price Performance

SERV stock opened at $17.64 on Friday. The stock has a 50-day moving average price of $10.69 and a 200-day moving average price of $8.64. Serve Robotics has a 1-year low of $1.77 and a 1-year high of $24.09.

Analyst Upgrades and Downgrades

SERV has been the subject of several analyst reports. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Northland Securities began coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Serve Robotics currently has a consensus rating of “Strong Buy” and an average target price of $16.00.

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.