Serve Robotics chief hardware officer sells $617 in stock

Abraham Euan, the Chief Hardware & Manufacturing Officer at Serve Robotics Inc. (NASDAQ:SERV), recently sold a small portion of the company's common stock. According to a filing with the Securities and Exchange Commission, Euan sold 40 shares at a price of $15.44 each, totaling approximately $617. This transaction was carried out to satisfy tax withholding obligations related to the acquisition of shares from the settlement of restricted stock units (RSUs). Following this sale, Euan holds 150,778 shares in the company. Based on InvestingPro analysis, the stock currently trades above its Fair Value, with 12+ additional exclusive insights available to subscribers tracking insider transactions and valuations.

In other recent news, Serve Robotics, known for its autonomous delivery services, has been in the spotlight due to a series of developments. The company's acquisition of Vebu, an automation incubator, has raised questions among some observers, including the short-seller Bonitas. Critics point to Vebu's history of unsuccessful prototypes and the relationship between Serve's director, James Buckly Jordan, and Chipotle (NYSE:CMG), a major investor and customer of Vebu.

Meanwhile, Serve has appointed Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer. Armenta, who has a rich background in software engineering and leadership, is expected to enhance Serve's software and artificial intelligence capabilities.

Analysts from Ladenburg Thalmann and Seaport Global Securities have given Serve a Buy rating, forecasting substantial revenue growth for the company. This is partly due to Serve's ambitious plan to deploy an additional 2,000 robots in 2025, which is projected to generate revenues of $60-80 million. However, industry experts express skepticism regarding the company's ability to meet these targets.

In addition, Serve has announced the launch of its third-generation delivery robot, set to enter service in 2025. The new model is designed for increased efficiency and safety, and is expected to enhance the company's operations across the U.S. These are the recent developments in the company's operations.

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