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

Serve Robotics Inc. (NASDAQ:SERV) saw a large drop in short interest in 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. Currently, 11.9% of the shares of the stock are short sold. Based on an average daily volume of 6,370,000 shares, the short-interest ratio is currently 0.5 days.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently modified their holdings of the business. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics in the third quarter valued at about $9,636,000. Thomist Capital Management LP acquired a new position in shares of Serve Robotics in the 2nd quarter worth approximately $407,000. Geode Capital Management LLC lifted its holdings 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 worth $1,041,000 after acquiring an additional 73,496 shares during the last quarter. PFG Investments LLC purchased a new position in shares of Serve Robotics during the 2nd quarter worth approximately $110,000. Finally, State Street Corp acquired a new stake in Serve Robotics in the 3rd quarter valued at approximately $333,000.

Serve Robotics Stock Performance

NASDAQ:SERV traded up $0.15 on Friday, hitting $8.00. The stock had a trading volume of 3,566,959 shares, compared to its average volume of 9,516,300. The company has a fifty day moving average price of $8.84 and a two-hundred day moving average price of $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 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 business had revenue of $0.47 million during the quarter. Analysts forecast that Serve Robotics will post -0.95 EPS for the current year.

Analysts Set New Price Targets

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