Serve Robotics (NASDAQ: SERV) shares have declined 37% in the past month, underperforming the Zacks Computer & Technology sector's gain of 4.5% and the Zacks IT Services industry's return of 3.2%.
Shares of this AI-powered last-mile robot delivery service provider saw significant volatility since its public equity offering on April 18, from when it started trading on the Nasdaq Capital Market under the ticker "SERV."
Since then, SERV shares have jumped 197.8%. However, the sluggish second-quarter 2024 results saw shares dropping 9.8% since Aug. 13.
SERV reported revenues of $0.47 million, significantly better than the $0.06 million reported in the year-ago quarter but plunging 50.5% sequentially.
The massive quarter-over-quarter drop panicked investors despite an 80% jump in second-quarter delivery and branding revenues. Daily Supply Hours surged 28% sequentially.
SERV Shares Lag Sector Past Month
Image Source: Zacks Investment Research
The recent dip in SERV shares brings this question into investors' minds - is this the right time to jump into the stock? Let's dig deep to find out.
Serve Robotics Rides on Strong Last-Mile Delivery Prospects
SERV's long-term prospects ride on growing demand for last-mile delivery of food and other items on partner platforms that include Uber Eats and 7-Eleven. The company, which was spun off from Uber Technologies in 2021, counts NVIDIA, Uber, 7-Ventures and Delivery ...
