Serve Robotics Inc. (NASDAQ:SERV) Short Interest Update

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

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of SERV. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics in the 3rd quarter valued at $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the second quarter valued at approximately $407,000. PFG Investments LLC bought a new stake in shares of Serve Robotics in the second quarter valued at approximately $110,000. Bfsg LLC acquired a new stake in Serve Robotics during the third quarter worth approximately $38,000. Finally, Quantum Private Wealth LLC bought a new position in Serve Robotics during the 3rd quarter worth $80,000.

Serve Robotics Price Performance

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

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.47 million during the quarter. As a group, sell-side analysts forecast that Serve Robotics will post -0.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SERV has been the topic of several recent analyst reports. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Aegis raised Serve Robotics to a “strong-buy” rating in a research note on Wednesday, July 24th. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective on the stock. 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 MarketBeat.com, the company presently has an average rating of “Strong Buy” and a consensus price target 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.