In a recent transaction disclosed in an SEC filing, David Michael Goldberg, a director at Serve Robotics Inc. (NASDAQ:SERV), sold 15,000 shares of the company's common stock. The company, currently valued at $386 million, has seen its stock decline nearly 65% over the past year according to InvestingPro data. The shares were sold at an average price of $9.058 each, totaling approximately $135,870. Following this sale, Goldberg retains ownership of 41,425 shares in the company. The transaction was executed on December 2, 2024, and the filing was made public on December 4, 2024. Notably, analysts maintain a strong buy consensus with price targets ranging from $12 to $16 per share. InvestingPro subscribers can access 10+ additional insights about SERV's insider trading patterns and financial health indicators.
In other recent news, Serve Robotics Inc. has been making significant strides in its operations. The company has announced the appointment of Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer, marking a key addition to the executive team. Serve Robotics also revealed its third-generation delivery robot, a major step forward in its technological capabilities.
The company recently acquired assets from Vebu Inc., a move that is anticipated to expand its automation offerings and enhance its presence in the restaurant industry. In addition, Serve Robotics has received Buy ratings from both Ladenburg Thalmann and Seaport Global Securities, indicating positive analyst sentiment.
These are recent developments that highlight the company's commitment to growth and technological advancement. The firm's earnings and revenue prospects look promising, with an ambitious expansion plan to deploy an additional 2,000 robots in 2025 that is expected to generate revenues estimated between $60 and $80 million.
Furthermore, Serve Robotics has secured approximately $35 million in private placement transactions facilitated by Aegis Capital Corp. The company has also announced strategic partnerships with Wing Aviation LLC and Shake Shack Inc (NYSE:SHAK)., and has solidified its partnership with Magna International (NYSE:MGA) through an exclusive contract manufacturing agreement.
Lastly, in leadership changes, Euan Abraham has been promoted to Chief Hardware & Manufacturing Officer, while Sarfraz Maredia and David Goldberg have been elected as Class I directors. These developments reflect the ongoing evolution of Serve Robotics as it continues to shape its future in the autonomous delivery sector.
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