These are top 10 stocks traded on the Robinhood UK platform in July
Ali Kashani, the Chief Executive Officer of Serve Robotics Inc. (NASDAQ:SERV), which currently has a market capitalization of $291 million and trades at $5.86 per share, recently sold shares of the company's common stock. According to a recent SEC filing, Kashani sold 1,670 shares at a price of $5.71 per share, totaling $9,535. This transaction was conducted to satisfy tax withholding obligations related to the acquisition of shares through the settlement of vested restricted stock units (RSUs). Following this sale, Kashani holds 3,225,127 shares directly. Additionally, 16,070 shares are held indirectly by his spouse. The stock has declined nearly 50% over the past six months, and technical indicators from InvestingPro suggest the stock is currently in oversold territory. For comprehensive insider trading analysis and 15 additional key insights about SERV, consider exploring the full research report on InvestingPro.
In other recent news, Serve Robotics Inc. reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -$0.23, which did not meet analyst expectations. The company's revenue for the quarter was $170,000, slightly below forecasts. Despite the earnings miss, Serve Robotics demonstrated significant growth over the year, with annual revenue reaching $1.8 million, marking a 700% increase year-over-year. The company also reported a GAAP net loss of $39.2 million for 2024, up from $24.9 million in 2023.
In a strategic move, Serve Robotics expanded its robotic delivery service to the Dallas-Fort Worth metro area, collaborating with Uber (NYSE:UBER) Eats to serve over 22,000 new households. This expansion follows recent launches in Los Angeles and Miami, with more U.S. markets anticipated throughout 2025. The company plans to deploy 2,000 robots by the end of 2025, focusing on cost reduction and operational efficiency. Serve Robotics aims to achieve annualized revenue of $60-$80 million by 2026.
Additionally, Serve Robotics has been working on reducing the cost of its third-generation robots, achieving a 30% cost reduction for future batches. The company maintains a strong cash position of $123 million, which supports its expansion plans without the need for equipment financing. Analyst firms have not issued recent upgrades or downgrades for Serve Robotics, but the company's strategic initiatives and expansion efforts continue to draw attention from the investment community.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.