David Michael Goldberg, a director at Serve Robotics Inc. (NASDAQ:SERV), has reported the sale of 10,600 shares of the company's common stock, totaling $76,320, on June 16, 2026. The transaction was executed under a Rule 10b5-1 sales plan that Goldberg adopted on September 29, 2025. Following the sale, Goldberg directly holds 35,125 shares of Serve Robotics common stock.
The stock currently trades near $7.01, which is approximately 8% above its 52-week low of $6.49, and has declined 36% over the past year. According to InvestingPro analysis, the stock appears undervalued with a fair value estimate of $7.99. Additionally, on June 17, 2026, Goldberg acquired 20,000 shares of common stock underlying a restricted stock unit (RSU) award. These RSUs were granted at $0.00 per share and will vest in full on the earlier of Serve Robotics' next annual shareholder meeting or June 17, 2027. After this acquisition, his direct holdings increased to 55,125 shares.
In other recent news, Serve Robotics reported significant financial results, with first-quarter 2026 revenue reaching $3.0 million, reflecting a 578% increase year-on-year and a 238% sequential rise. This revenue growth surpassed the company's entire fiscal 2025 revenue. Additionally, Serve Robotics announced the termination of its Controlled Equity Offering Agreement with several financial firms, including Cantor Fitzgerald & Co. and Wedbush Securities Inc. The agreement had allowed the company to sell up to $150 million in common stock, resulting in gross proceeds of approximately $91.2 million before its termination.
In analyst updates, Freedom Broker downgraded Serve Robotics from a Buy to a Hold rating, citing dilution risks while maintaining a price target of $18.00. In corporate governance developments, shareholders elected Ali Kashani and Touraj Parang as Class III directors during the company's annual meeting. On the operational front, Serve Robotics launched a partnership with NoScrubs to deliver laundry orders using its autonomous sidewalk robots, marking an expansion beyond prepared food delivery. Lastly, options trading in Serve Robotics saw a notable increase, with 48,811 contracts traded, indicating heightened investor interest.