Serve Robotics director Jordan James Buckly sells $1.26m in stock

Jordan James Buckly, a director at Serve Robotics Inc. (NASDAQ:SERV), recently sold a significant portion of the company's stock. According to a recent SEC filing, Buckly sold a total of 144,103 shares over two days, with the transactions occurring on November 12 and November 13. The sales were conducted at a weighted average price ranging from $8.4026 to $8.7378 per share, resulting in a total transaction value of approximately $1.26 million.

Following these transactions, Buckly retains 514,932 shares directly, held through Wavemaker Global Select II, LLC, where he has dispositive power. Additionally, Buckly holds shares indirectly through Future VC, LLC and Match Robotics VC, LLC, amounting to 9,200 and 77,291 shares, respectively.

In other recent news, Serve Robotics Inc. has made significant strides in its operations. The autonomous robotic delivery company recently acquired assets from Vebu Inc., a move aimed at expanding its automation offerings beyond delivery to include kitchen operations. The acquisition is expected to strengthen Serve's relationships with enterprises like Chipotle (NYSE:), Shake Shack (NYSE:), and 7-Eleven.

Serve Robotics also revealed plans to deploy an additional 2,000 robots in 2025, a move projected to generate revenues estimated between $60 and $80 million. The company has received a Buy rating from both Ladenburg Thalmann and Seaport Global Securities, reflecting a positive outlook on its ambitious expansion plan.

The company announced the launch of its third-generation delivery robot, set to enter service in 2025. This new model is expected to enhance delivery efficiency and safety. Furthermore, Serve Robotics has secured approximately $35 million in private placement transactions facilitated by Aegis Capital Corp.

In leadership changes, Euan Abraham has been promoted to Chief Hardware & Manufacturing Officer, while Sarfraz Maredia and David Goldberg have been elected as Class I directors. Lastly, Serve Robotics has solidified its partnership with Magna International (NYSE:) through an exclusive contract manufacturing agreement. These are the latest developments in the growth and expansion of Serve Robotics.

InvestingPro Insights

The recent stock sale by director Jordan James Buckly at Serve Robotics Inc. (NASDAQ:SERV) comes at a time when the company's stock has experienced significant volatility. According to InvestingPro data, SERV has seen a substantial price drop of 22.81% in just the past week, aligning with the timing of Buckly's transactions. This short-term decline is part of a broader trend, as the stock has fallen by 66.56% over the past year.

Despite these challenges, InvestingPro Tips highlight that Serve Robotics maintains a strong liquidity position, with cash holdings exceeding its debt. This financial stability could be crucial as the company navigates its current unprofitable status, as indicated by its negative P/E ratio of -10.83 for the last twelve months as of Q3 2024.

Interestingly, while the stock has faced recent headwinds, it has shown remarkable resilience over a slightly longer timeframe, with a 117.14% price return over the past six months. This volatility is consistent with another InvestingPro Tip, which notes that SERV generally trades with high price volatility.

For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Serve Robotics, providing deeper insights into the company's financial health and market position.

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