Ali Kashani, the Chief Executive Officer of Serve Robotics Inc. (NASDAQ:SERV), recently executed stock sales totaling $114,925. According to a recent SEC filing, Kashani sold 7,500 shares of common stock over two transactions. The sales occurred on December 31, 2024, and January 2, 2025, with prices ranging from $14.85 to $15.56 per share. The stock, currently trading at $19.03, has seen significant volatility, declining 9.39% in the past week despite a remarkable 602.86% surge over the last six months.
Following these transactions, Kashani retains direct ownership of 3,275,990 shares, representing a substantial stake in the $649 million market cap company. Additionally, there are 16,070 shares indirectly owned by his spouse. The stock sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which Kashani adopted on August 19, 2024. According to InvestingPro analysis, SERV currently trades above its Fair Value, with 14 additional investment insights available to subscribers.
In other recent news, Serve Robotics has been in the spotlight due to its acquisition of Vebu Inc., an automation incubator. The acquisition has drawn criticism from short seller Bonitas, citing concerns over the company's ability to achieve its ambitious targets. Additionally, Serve Robotics has appointed Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer, tasked with enhancing the company's software and artificial intelligence capabilities. Analysts from Ladenburg Thalmann and Seaport Global Securities have given Serve Robotics a Buy rating, expecting the company to generate substantial revenues from its plan to deploy 2,000 robots by 2025. The company has also announced the launch of its third-generation delivery robot, scheduled to enter service in 2025. These are the recent developments surrounding Serve Robotics.
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