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

Serve Robotics Inc. (NASDAQ:SERV) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 3,180,000 shares, a decrease 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 short-interest ratio is currently 0.5 days. Currently, 11.9% of the shares of the stock are short sold.

Serve Robotics Stock Performance

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

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.27) earnings per share 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 for the quarter. On average, equities analysts expect that Serve Robotics will post -0.95 EPS for the current fiscal year.

Institutional Trading of Serve Robotics

Hedge funds have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics during the third quarter worth $9,636,000. Thomist Capital Management LP acquired a new position in Serve Robotics during the 2nd quarter worth about $407,000. Geode Capital Management LLC grew its position in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares during the last quarter. PFG Investments LLC acquired a new stake in shares of Serve Robotics in the second quarter valued at about $110,000. Finally, State Street Corp bought a new position in shares of Serve Robotics during the third quarter worth about $333,000.

Analysts Set New Price Targets

Several research firms recently issued reports on SERV. Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target on the stock. Aegis raised Serve Robotics to a “strong-buy” rating in a report on Wednesday, July 24th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Serve Robotics has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

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.