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

Serve Robotics Inc. (NASDAQ:SERV) saw a large growth in short interest in 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 trading volume, of 9,010,000 shares, the short-interest ratio is currently 0.9 days. Currently, 19.4% of the company’s shares are sold short.

Insider Activity

In other news, CEO Ali Kashani sold 3,713 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the sale, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. This trade represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 11,369 shares of company stock valued at $90,704 in the last quarter. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently made changes to their positions in SERV. Blue Trust Inc. bought a new stake in Serve Robotics during the fourth quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics during the 4th quarter worth about $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at about $37,000. Jefferies Financial Group Inc. lifted its stake in Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after purchasing an additional 4,000 shares during the last quarter. Finally, DnB Asset Management AS grew its holdings in Serve Robotics by 52.3% during the fourth quarter. DnB Asset Management AS now owns 21,356 shares of the company’s stock worth $288,000 after purchasing an additional 7,336 shares during the period.

Serve Robotics Price Performance

Shares of NASDAQ SERV opened at $5.17 on Tuesday. Serve Robotics has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The stock has a market capitalization of $294.27 million and a price-to-earnings ratio of -4.31. The business has a 50-day moving average of $7.91 and a 200-day moving average of $11.22.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a report 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’s stock. According to data from MarketBeat.com, Serve Robotics currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

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.