Serve Robotics chief hardware officer sells $2,244 in stock

Abraham Euan, Chief Hardware & Manufacturing Officer at Serve Robotics Inc. (NASDAQ:SERV), recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Euan sold 235 shares at a price of $9.55 each, totaling $2,244. This transaction was executed on December 5, 2024, to satisfy tax withholding obligations related to the settlement of restricted stock units (RSUs). Following this sale, Euan holds 151,023 shares of Serve Robotics directly. InvestingPro subscribers have access to 15+ additional insights about SERV, including key metrics showing the company maintains a strong balance sheet with more cash than debt.

In other recent news, Serve Robotics has been in the spotlight due to its acquisition of Vebu Inc., an automation incubator. This move has drawn criticism from short-seller Bonitas, who has taken a short position in Serve Robotics. The firm has raised concerns about Serve's director, James Buckly Jordan, and his track record of raising funds for robotics ventures that have struggled to gain commercial traction.

Serve Robotics also announced the appointment of Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer. Armenta, a seasoned executive, will oversee the development and enhancement of Serve's software and artificial intelligence capabilities.

Analysts from Ladenburg Thalmann and Seaport Global Securities have given Serve Robotics a Buy rating, forecasting substantial revenue growth for the company. This is due to its ambitious plan to deploy an additional 2,000 robots in 2025, which is expected to generate revenues estimated between $60 and $80 million.

The company has unveiled its third-generation delivery robot, which is set to enter service in 2025. The new robot is designed for increased efficiency and safety.

Lastly, Serve Robotics has solidified its partnership with Magna International (NYSE:MGA) through an exclusive contract manufacturing agreement. These are the recent developments in the company's operations.

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