Jordan James Buckly, a director at Serve Robotics Inc. (NASDAQ:SERV), recently sold 38,646 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $11.7627, totaling approximately $454,581. The stock has since climbed to $13.74, showing significant momentum with a 36% gain in the past week. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with technical indicators suggesting overbought conditions. Following this transaction, Buckly, through indirect ownership by Wavemaker Global Select II, LLC, now holds 409,118 shares. Additionally, Buckly has indirect ownership of shares through Future VC, LLC and Match Robotics VC, LLC, with holdings of 9,200 and 77,291 shares, respectively. Buckly also directly owns 1,771 shares. The company, currently valued at $519 million, has shown remarkable price momentum with a 328% return over the past six months. InvestingPro subscribers have access to 14 additional investment insights about SERV, including detailed financial health scores and growth projections.
In other recent news, Serve Robotics faces scrutiny following its acquisition of Vebu Inc., an automation incubator, with concerns raised by short seller Bonitas. The company's director, James Buckly Jordan, has been criticized for a pattern of unsuccessful ventures. Serve's CEO, Ali Kashani, set ambitious targets for robot deployment and revenue, but current operations fall short of these goals. Furthermore, Serve's partnership with Magna International (NYSE:MGA) has seen declining revenues, and competition in delivery services has increased.
Serve Robotics also announced the appointment of Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer. Armenta will focus on enhancing the performance and reliability of Serve's autonomous delivery robots. The company has also made strides with its AI-powered robots, completing numerous deliveries for partners such as Uber (NYSE:UBER) Eats and 7-Eleven.
Additionally, Serve Robotics recently acquired assets from Vebu Inc., expanding its automation offerings to include kitchen operations. The company also received a Buy rating from both Ladenburg Thalmann and Seaport Global Securities, which forecast substantial revenue growth. Furthermore, Serve unveiled its third-generation delivery robot and secured approximately $35 million in private placement transactions.
Lastly, Serve Robotics revealed its third-generation delivery robot, designed to enhance delivery efficiency and safety. The new robots are set to enter service in 2025, with plans to deploy 2,000 units. The company also received a Buy rating from Ladenburg Thalmann, with a price target of $16.00.
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