Serve Robotics Stock Continues To Soar: What's Going On?

Serve Robotics Inc SERV shares are trading higher in Thursday’s after-hours session on what appears to be continued momentum from the regular session. Here’s what you need to know.

What To Know: Serve Robotics shares have been seeing increased attention since NVIDIA Corp NVDA reported a 10% stake in the robotics company near the end of last week. The stock is up more than 500% since the Nvidia filing.

Serve Robotics went public via reverse merger with Patricia Acquisition Corp. According to TechCrunch, Serve Robotics was initially started as the robotics division of Postmates. The autonomous sidewalk robots started delivering to Postmates customers in 2018, but when Uber acquired Postmates in 2020, the robotics division was spun out as Serve Robotics.

On Thursday morning, Serve Robotics announced the appointment of David Goldberg to its board of directors and the reappointment of Uber Technologies Inc UBER executive Sarfraz Maredia.

“We are thrilled to welcome David to the board and extend Sarfraz’s term. Their strategic insights, energy and perspectives will be invaluable as we focus on growth and on driving Serve Robotics forward,” said Ali Kashani, chairman of Serve Robotics’ board.

The recent trading activity appears to be largely retail-driven. The stock has seen increased chatter across social media platforms over the last week as traders highlight Nvidia’s stake in the company. The same thing happened in February when Nvidia disclosed stakes in Arm Holdings, Recursion Pharmaceuticals, SoundHound AI, TuSimple Holdings and Nano-X Imaging.

SERV Price Action: Serve Robotics shares closed Thursday up 41.7%. The stock was up another 8.74% after hours, trading at $13.19 at the time of publication, per Benzinga Pro.

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Photo: Courtesy of Serve Robotics.