Serve Robotics (NASDAQ:SERV) stock gained 40% yesterday and is currently up about 5% this morning. However, the stock is experiencing some very volatile trading this morning. The shares have soared about 500% since Nvidia (NASDAQ:NVDA) disclosed on July 18 that it had taken a small stake in the autonomous robotics company.
Meanwhile, Serve yesterday announced a change to its board of directors.
Nvidia’s Investment and Serve’s Background
On July 18, Nvidia disclosed that it had obtained 3.7 million shares of Serve Robotics stock, representing a 10% stake in the firm. As of yesterday’s market close, that stake in SERV stock was worth about $45 million.
Serve, founded in 2007, sells zero-emission robots that have attained Level 4 autonomy. This means that they can “operate routinely without human intervention and can rely on their onboard capabilities to ensure safe operation.”
In May, the start-up disclosed that under a deal it had made with Uber Technologies (NYSE:UBER). Under the partnership, some customers in Los Angeles can get their meals delivered by Serve’s robots.
Serve’s New Director
Goldberg, Serve’s new director, is a vice president at Magna International (NYSE:MGA), a large Canadian auto parts maker. Before joining Magna, he was the CFO of electric vehicle start-up REE Automotive.
Prior to his stint at REE, Goldberg held several positions related to “new partnerships, strategic investments, and due diligence.” He joined Magna from investment bank Greenhill & Co, where he served as a managing director.
Also yesterday, Serve reappointed Uber executive Sarfraz Maredia, who is the latter company’s Vice President for Delivery and Head of Americas, to its board.
The Price Action of SERV Stock
In the past five days, the shares have risen 60%, and they have jumped 300% in the last three months.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor held a LONG position in NVDA.
