Serve Robotics Inc. (NASDAQ:SERV) Sees Large Decline in Short Interest

Serve Robotics Inc. (NASDAQ:SERV) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 3,180,000 shares, a drop of 38.5% from the October 15th total of 5,170,000 shares. Based on an average trading volume of 6,370,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 11.9% of the company’s shares are sold short.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of SERV. Geode Capital Management LLC grew its stake in shares of 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 purchasing an additional 73,496 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics during the 3rd quarter worth about $68,000. State Street Corp purchased a new position in shares of Serve Robotics in the 3rd quarter valued at about $333,000. Quadrature Capital Ltd purchased a new position in shares of Serve Robotics in the 3rd quarter valued at about $148,000. Finally, Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth about $26,000.

Analysts Set New Price Targets

SERV has been the topic of a number of recent research reports. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Aegis raised shares of Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Securities began coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. Finally, 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 on the stock. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

Shares of SERV traded up $0.15 during midday trading on Friday, hitting $8.00. The company had a trading volume of 3,566,959 shares, compared to its average volume of 9,516,300. The company’s 50-day simple moving average is $8.84 and its 200-day simple moving average is $7.02. Serve Robotics has a 1 year low of $1.77 and a 1 year high of $24.09.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The firm had revenue of $0.47 million during the quarter. On average, analysts predict that Serve Robotics will post -0.95 earnings per share for the current fiscal year.

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.