Serve Robotics (NASDAQ:SERV) stock is rising higher on Monday as the food delivery robotics company continues to rally thanks to Nvidia (NASDAQ:NVDA).
Shares of SERV stock are gaining after Nvidia revealed a stake in the company. That initially sent its shares soaring more than 187% higher on Friday. With that came heavy trading as some 266 million units changed hands. For comparison, its daily average trading volume is about 4.8 million shares.
The latest share purchase showed that Nvidia bought 62,500 shares of SERV stock in July. It paid $4 per share. This is on top of the over 1 million shares it acquired in April by redeeming a promissory note.
Nvidia’s stake in SERV is sitting at roughly 10% with $12 million worth of the stock held by the tech giant. This investment matches Nvidia’s strategy of taking stakes in smaller businesses in the robotics and artificial intelligence (AI) fields.
SERV Stock Movement on Monday
The ongoing rally of SERV stock comes with additional heavy trading for the shares. This has some 22 million shares being traded as of this writing. It also bears mentioning that the company’s float is only about 15.17 million units.
SERV stock is up 44.8% as of Monday morning. The stock was down 69.8% year-to-date when markets closed on Friday.
Investors will want to stick around for more of the most recent stock market stories today!
We are offering up all of the latest stock market news worth reading about on Monday! Among that is Tellurian (NYSEMKT:TELL) stock is up, the biggest pre-market stock movers this morning and more. All of this info is ready to go at the links below!
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On the date of publication, William White did not have (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.
