REDWOOD CITY, Calif.—Serve Robotics Inc. (NASDAQ:SERV), a company with a market capitalization of $519 million, saw its President and COO, Touraj Parang, recently execute a series of stock transactions, selling shares worth approximately $669,786. The sales occurred over several days, with prices ranging from $9.5525 to $13.0629 per share. According to InvestingPro data, the stock has shown significant momentum, gaining over 30% in the past week alone.
On December 5, Parang sold 815 shares at an average price of $9.5525. This was followed by additional sales on December 6, where 1,098 shares were sold at $11.33, and on December 9, when 4,527 shares were sold at $12.2711 and 45,473 shares at $13.0629.
These transactions were part of a pre-arranged trading plan established under Rule 10b5-1, adopted by Parang in September 2024. The sales were executed to satisfy tax withholding obligations related to the acquisition of shares through restricted stock unit agreements and option exercises.
Following these transactions, Parang retains direct ownership of 1,163,439 shares in Serve Robotics.
In other recent news, Serve Robotics has been making strategic moves to bolster its operations. The company recently acquired Vebu Inc., an automation incubator, despite concerns from short-seller Bonitas about the potential benefits to insiders. Serve Robotics also appointed Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer, a move expected to enhance the company's software and AI capabilities. Analysts from Ladenburg Thalmann and Seaport Global Securities have assigned a Buy rating to Serve Robotics, forecasting substantial revenue growth due to the company's ambitious expansion plan. Serve Robotics has also unveiled its third-generation delivery robot, which is expected to increase efficiency and safety while reducing manufacturing costs. These recent developments highlight Serve Robotics' ongoing efforts to innovate and expand in the autonomous delivery market.
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