Serve Robotics CEO Sells Shares Amid Company Expansion and Criticism

Serve Robotics CEO Ali Kashani sells $278,776 in stock By Investing.com

Serve Robotics Inc. (NASDAQ:SERV) CEO Ali Kashani recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. The transactions come amid the stock's remarkable 31% surge over the past week, with shares currently trading at $11.98. On December 5 and 6, Kashani sold a total of 37,429 shares of common stock, generating approximately $278,776. The shares were sold at prices ranging from $10.00 to $11.7933 per share, below analysts' target range of $12-16. Additionally, Kashani sold 5,638 shares on December 5 at prices ranging from $9.55 to $9.92, totaling $172,228. These sales were conducted under a pre-established Rule 10b5-1 trading plan. According to InvestingPro, the stock has shown significant price volatility, with additional insights and Fair Value analysis available to subscribers. In a separate transaction on December 6, Kashani exercised stock options for 45,585 shares at a price of $0.9446, adding to his holdings. Following these transactions, Kashani holds 3,344,498 shares directly in the $519M market cap company. InvestingPro subscribers can access 15 additional key insights about Serve Robotics' financial health and growth prospects. In other recent news, Serve Robotics Inc. has been the subject of several significant developments. The autonomous robotic delivery company announced the acquisition of Vebu Inc., aiming to broaden its automation offerings. However, the transaction drew criticism from short-seller Bonitas, citing concerns over Vebu's history of unsuccessful prototypes and potential insider benefits. Furthermore, skepticism surrounds Serve's ambitious target of deploying 2,000 robots by the end of 2025, with industry experts doubting the company's revenue projections. Serve Robotics also announced the appointment of Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer, tasked with enhancing the company's software and artificial intelligence capabilities. In addition, Ladenburg Thalmann and Seaport Global Securities have both given Serve Robotics a Buy rating, forecasting substantial revenue growth for the company. The company has unveiled its third-generation delivery robot, designed to increase efficiency and safety. The new robots, expected to enter service in 2025, are part of Serve's expansion plan. Lastly, Euan Abraham has been promoted to Chief Hardware & Manufacturing Officer, and Sarfraz Maredia and David Goldberg have been elected as Class I directors. These are among the recent developments in the company's operations.

Serve Robotics chief hardware officer sells $2,244 in stock By Investing.com

Abraham Euan, Chief Hardware & Manufacturing Officer at Serve Robotics Inc. (NASDAQ:SERV), recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Euan sold 235 shares at a price of $9.55 each, totaling $2,244. This transaction was executed on December 5, 2024, to satisfy tax withholding obligations related to the settlement of restricted stock units (RSUs). Following this sale, Euan holds 151,023 shares of Serve Robotics directly. InvestingPro subscribers have access to 15+ additional insights about SERV, including key metrics showing the company maintains a strong balance sheet with more cash than debt. In other recent news, Serve Robotics has been in the spotlight due to its acquisition of Vebu Inc., an automation incubator. This move has drawn criticism from short-seller Bonitas, who has taken a short position in Serve Robotics. The firm has raised concerns about Serve's director, James Buckly Jordan, and his track record of raising funds for robotics ventures that have struggled to gain commercial traction. Serve Robotics also announced the appointment of Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer. Armenta, a seasoned executive, will oversee the development and enhancement of Serve's software and artificial intelligence capabilities. Analysts from Ladenburg Thalmann and Seaport Global Securities have given Serve Robotics a Buy rating, forecasting substantial revenue growth for the company. This is due to its ambitious plan to deploy an additional 2,000 robots in 2025, which is expected to generate revenues estimated between $60 and $80 million. The company has unveiled its third-generation delivery robot, which is set to enter service in 2025. The new robot is designed for increased efficiency and safety. Lastly, Serve Robotics has solidified its partnership with Magna International (NYSE:MGA) through an exclusive contract manufacturing agreement. These are the recent developments in the company's operations.