Serve Robotics (NASDAQ: SERV) shares have surged 9.9% in the past week, outperforming the Zacks Computer & Technology sector's gain of 2.3% and the Zacks IT Services industry's return of 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 153.2%.
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 (NYSE: UBER) in 2021, counts NVIDIA, Uber, 7-Ventures and Delivery Hero's corporate venture units as its strategic investors.
The surge in SERV shares brings a couple of questions into investors' minds - is this momentum going to last for SERV, and whether this is the right time to jump into the stock?
SERV Shares Beat Sector Past Week
Image Source: Zacks Investment Research
Let's dig deep to find out.
Strong Last-Mile Delivery Prospects Aids SERV
SERV reported revenues of $0.47 million, significantly better than the $0.06 million reported in the year-ago quarter. It saw an 80% jump in second-quarter delivery and branding ...
