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Touraj Parang, President and COO of Serve Robotics Inc. (NASDAQ:SERV), a company currently valued at $291 million, recently sold a portion of his common stock holdings in the company. The stock has experienced significant volatility, declining nearly 50% over the past six months, though InvestingPro data shows it's trading near its Fair Value. According to a recent SEC filing, Parang sold 445 shares at a price of $5.705 each, totaling approximately $2,538. This transaction was executed to satisfy tax withholding obligations related to the acquisition of shares through a restricted stock unit agreement. Following this sale, Parang retains ownership of 1,161,099 shares in Serve Robotics. For deeper insights into insider transactions and 12+ additional ProTips about SERV, including its strong cash position relative to debt, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Serve Robotics Inc. reported its Q4 2024 earnings, revealing a larger-than-expected loss with an earnings per share (EPS) of -$0.23, missing analyst forecasts. The company also reported a revenue of $170,000 for the quarter, slightly below projections. Despite these shortfalls, Serve Robotics demonstrated substantial year-over-year growth, with annual revenue reaching $1.8 million, marking a 700% increase. The company’s software services contributed significantly with $1.2 million in revenue, and delivery/branding revenue increased by 435% to $627,000.
In addition to financial updates, Serve Robotics has expanded its robotic delivery service to the Dallas-Fort Worth metro area, in collaboration with Uber (NYSE:UBER) Eats, reaching over 22,000 new households. This move follows recent expansions in Los Angeles and Miami, with plans for further growth in U.S. markets anticipated through 2025. The company aims to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets. Analysts have not provided specific upgrades or downgrades, but the firm is focusing on cost reduction and operational efficiency.
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