Short Interest in Serve Robotics Inc. (NASDAQ:SERV) Grows By 22.7%

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 8,110,000 shares, a growth of 22.7% from the March 15th total of 6,610,000 shares. Based on an average daily volume of 9,010,000 shares, the days-to-cover ratio is currently 0.9 days. Currently, 19.4% of the company’s stock are short sold.

Serve Robotics Stock Performance

Shares of SERV opened at $5.45 on Friday. The firm’s 50-day simple moving average is $8.20 and its 200 day simple moving average is $11.23. The firm has a market cap of $310.20 million and a P/E ratio of -4.54. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.35.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 3,713 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the transaction, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. The trade was a 0.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 11,369 shares of company stock valued at $90,704 in the last 90 days. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently made changes to their positions in the company. State Street Corp acquired a new position in Serve Robotics in the 3rd quarter valued at $333,000. Geode Capital Management LLC increased its position in 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 during the period. Tidal Investments LLC acquired a new stake in Serve Robotics in the 3rd quarter worth about $262,000. Harbour Capital Advisors LLC grew its position 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 worth $680,000 after purchasing an additional 25,475 shares in the last quarter. Finally, Atomi Financial Group Inc. bought a new position in shares of Serve Robotics during the fourth quarter worth approximately $209,000.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Serve Robotics presently has an average rating of “Strong Buy” and an average price target of $19.50.

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.