Jordan James Buckly, a director at Serve Robotics Inc. (NASDAQ:SERV), has sold a significant portion of the company's stock. According to a recent SEC filing, Buckly disposed of shares totaling $575,707. The sales occurred over several transactions between November 18 and December 3, 2024, with prices ranging from $7.986 to $9.0724 per share. The stock, currently trading at $11.80, has shown significant volatility, with InvestingPro data revealing a remarkable 230% surge over the past six months despite trading below its 52-week high of $37.
Buckly's transactions were conducted through Wavemaker Global Select II, LLC, where he holds a managing partner position. Post-transaction, Buckly's holdings in Serve Robotics, directly and indirectly, have been adjusted accordingly. The filing also indicates additional stock holdings through Future VC, LLC and Match Robotics VC, LLC, where Buckly retains voting and dispositive power. According to InvestingPro analysis, the company currently appears overvalued, with analysts projecting sales growth but no profitability this year. InvestingPro subscribers have access to 12 additional investment tips for SERV.
In other recent news, Serve Robotics Inc. has faced scrutiny following its acquisition of Vebu Inc., an automation incubator, with short-seller Bonitas raising concerns about the relationship between Serve's director, James Buckly Jordan, and major investor Chipotle (NYSE:CMG). Despite these concerns, Serve's CEO, Ali Kashani, has set targets for the deployment of 2,000 robots by the end of 2025, with expected annual revenues of $60-80 million. However, recent reports indicate that Serve's largest investor and delivery partner, Uber (NYSE:UBER) Eats, has been engaging with Serve's competitors for sidewalk robot deliveries.
Moreover, Serve Robotics Inc. has recently appointed Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer, a position that will oversee the development and enhancement of Serve's software and artificial intelligence capabilities. This appointment comes amidst the company's ambitious expansion plans, which include the deployment of up to 2,000 delivery robots across various U.S. markets.
The company's acquisition of Vebu Inc. aims to expand Serve's automation offerings beyond delivery to include kitchen operations, with Vebu's founder and CEO, Buck Jordan, set to join Serve as Senior Vice President of Kitchen Automation. This move is expected to create synergies by leveraging Vebu's existing partnerships, such as with Chipotle, to strengthen Serve's relationships with other enterprises.
In addition, Ladenburg Thalmann has initiated coverage on shares of Serve Robotics with a Buy rating, setting a price target of $16.00. The firm projects considerable revenue growth for Serve Robotics over the next two years as the company begins mass deployment of its robotic fleet.
Lastly, Serve Robotics Inc. has announced the launch of its third-generation delivery robot, which is expected to enhance delivery efficiency and safety while reducing manufacturing costs. These robots are set to enter service in 2025, with plans to deploy 2,000 units on the Uber Eats platform across various U.S. markets.
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