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.
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