Parang Touraj, the President and Chief Operating Officer of Serve Robotics Inc. (NASDAQ:SERV), recently sold 305 shares of the company’s common stock. The transaction, which took place on January 7, 2025, was executed at an average price of $19.5301 per share, resulting in a total sale value of $5,956. The sale comes amid significant stock volatility, with SERV shares showing a remarkable 612% gain over the past six months.
This transaction was made to satisfy tax withholding obligations related to the acquisition of shares through the settlement of vested restricted stock units (RSUs). Following this sale, Touraj holds 1,162,886 shares of Serve Robotics. According to InvestingPro data, the company maintains a strong financial position with a current ratio of 10.65, indicating robust liquidity.
Serve Robotics, based in Redwood (NYSE:RWT) City, California, specializes in miscellaneous transportation equipment and continues to grow under the leadership of its executive team. InvestingPro analysis indicates the company is currently overvalued, despite analysts projecting sales growth of 8.2% for the current year. InvestingPro subscribers have access to 12 additional key insights about SERV’s financial health and market position.
In other recent news, Serve Robotics has made several strategic moves, including a registered direct offering of common stock, which is expected to generate approximately $80 million in gross proceeds. The funds raised will be used for general corporate purposes, including bolstering the company’s working capital. Serve Robotics also recently made headlines with the acquisition of Vebu Inc., an automation incubator, despite concerns raised by short-seller Bonitas due to the company’s ambitious target of deploying 2,000 robots by 2025.
In addition to these developments, Serve Robotics announced the appointment of Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer, who will be responsible for improving the performance and reliability of the company’s autonomous delivery robots. The company also unveiled its third-generation delivery robot, which is designed to enhance delivery efficiency and safety while reducing manufacturing costs.
Furthermore, Serve Robotics received a Buy rating from both Ladenburg Thalmann and Seaport Global Securities, indicating an expectation of substantial revenue growth. Lastly, the company solidified its partnership with Magna International (NYSE:MGA) through an exclusive contract manufacturing agreement. These are just some of the recent developments in Serve Robotics’ operations.
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