Serve robotics director sells shares worth over $125k

Serve Robotics Inc. (NASDAQ:SERV) has reported a notable transaction by Director David Michael Goldberg, who sold shares worth approximately $125,118. The transaction involved the sale of 13,575 shares of the company's common stock on August 29, 2024.

The shares were sold at a weighted average price of $9.2168, with individual transactions occurring within a price range of $9.20 to $9.23. Following the sale, Goldberg retains ownership of 36,425 shares of Serve Robotics Inc.

The sale was conducted to satisfy tax withholding obligations related to the vesting of Restricted Stock Units (RSUs). The transactions were executed in accordance with the terms of a restricted stock unit agreement between Goldberg and Serve Robotics.

Investors and interested parties can obtain full details regarding the number of shares sold at each price point upon request, as Goldberg has agreed to provide this information to the issuer, security holders, or the staff of the Securities and Exchange Commission if asked.

Serve Robotics Inc., formerly known as Patricia Acquisition Corp., is a Delaware-incorporated company specializing in miscellaneous transportation equipment manufacturing. The company's business address is located in Redwood (NYSE:RWT) City, California.

This recent transaction provides insight into the trading activities of Serve Robotics' insiders and may be of interest to current and potential investors tracking the company's stock performance and insider trends.

In other recent news, Serve Robotics Inc. has made significant strides in its financial and operational growth. The autonomous sidewalk delivery company recently secured approximately $20 million in a private placement transaction, a deal that involved a single institutional investor purchasing pre-funded and common warrants for the company's stock. Simultaneously, the company has raised an additional $15 million through another private placement transaction, further bolstering its financial resources.

Serve Robotics has also embarked on a strategic partnership with Shake Shack Inc (NYSE:SHAK). to provide autonomous robot food deliveries via Uber (NYSE:UBER) Eats in Los Angeles. This collaboration aligns with Serve's goal of deploying 2,000 delivery robots across the U.S. by 2025. In terms of internal adjustments, Euan Abraham has been promoted to Chief Hardware & Manufacturing Officer, and the company has strengthened its partnership with Magna International (NYSE:MGA) through an exclusive contract manufacturing agreement.

At the company's recent annual stockholders meeting, Sarfraz Maredia and David Goldberg were elected as Class I directors, set to serve until the 2027 annual meeting of stockholders. The meeting also saw the ratification of the company's public accounting firm and the approval of an amendment to its equity incentive plan, marking significant developments in the company's growth and expansion. These recent events underscore Serve Robotics' commitment to enhancing its technological offerings and expanding its market reach in autonomous delivery services.

InvestingPro Insights

As Serve Robotics Inc. (NASDAQ:SERV) navigates the dynamic market landscape, recent data from InvestingPro offers a deeper look into the company's financial health and stock performance. With a market capitalization of $352.7 million, Serve Robotics presents an intriguing profile for investors. Notably, the company's stock has experienced significant volatility, with a 195.39% return over the last three months, yet also witnessing a substantial 64.08% decline year-to-date as of 2024.

An InvestingPro Tip highlights that Serve Robotics holds more cash than debt on its balance sheet, which is a positive sign of the company's financial stability. Additionally, analysts anticipate sales growth in the current year, suggesting potential for the company's recovery and future expansion. It's worth noting that the company's stock has taken a hit over the last week, with a price total return of -11.87%.

InvestingPro also provides valuable metrics that shed light on the company's valuation and profitability. The current price-to-earnings (P/E) ratio stands at -7.26, reflecting the challenges the company faces in achieving profitability over the last twelve months. Moreover, the company's price-to-book (P/B) ratio is at 11.66, indicating a high valuation in relation to its net assets.

For those interested in a deeper analysis, there are additional InvestingPro Tips available, which can offer more nuanced insights into Serve Robotics' performance and potential investment opportunities. Visit the InvestingPro platform for a comprehensive list of tips related to SERV.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.