These are top 10 stocks traded on the Robinhood UK platform in July
Abraham Euan, the Chief Hardware and Manufacturing Officer at Serve Robotics Inc. (NASDAQ:SERV), recently sold 25,000 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $12.9796, ranging from $12.71 to $13.23, resulting in a total transaction value of approximately $324,490. This sale was executed under a Rule 10b5-1 plan, which Euan adopted in August 2024. The timing of the sale coincides with significant stock volatility, as InvestingPro data shows the stock has declined over 41% in the past week.
In addition to the stock sale, Euan acquired 25,000 shares through the exercise of stock options at a price of $0.4854 per share, totaling $12,135. Following these transactions, Euan holds 150,518 shares of Serve Robotics. The company maintains strong liquidity with a current ratio of 10.65, indicating robust short-term financial health.
Serve Robotics, based in Redwood (NYSE:RWT) City, California, is involved in the manufacturing of miscellaneous transportation equipment. The company, currently trading near InvestingPro’s Fair Value estimate, is scheduled to report earnings on February 26. Analysts expect continued revenue growth, though profitability remains a challenge with a gross profit margin of ~13%.
In other recent news, Serve Robotics Inc. has announced a registered direct offering of 4,210,525 shares of common stock, expected to generate approximately $80 million before fees. The company plans to use the proceeds for general corporate purposes, including working capital. This financial maneuver aims to bolster Serve Robotics’ position in the competitive autonomous delivery sector. The offering has led to a cautious response from investors, with concerns about the dilution of equity and the increase in the number of shares outstanding. Additionally, Serve Robotics is expanding its operations to the Miami metro area, partnering with Shake Shack (NYSE:SHAK) and Mister O1 Extraordinary Pizza to deploy delivery robots through Uber (NYSE:UBER) Eats. This expansion follows the company’s growth in Los Angeles and plans for the Dallas-Fort Worth market. However, Serve Robotics faces scrutiny from short-seller Bonitas following its acquisition of Vebu Inc., with concerns about insider benefits and unmet revenue projections. Despite these challenges, the company has ambitious targets for deploying 2,000 robots by the end of 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.