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Serve Robotics (NASDAQ:SERV) shares rose 40% yesterday and are up about 5% this morning. However, the stock has been trading very volatile this morning. Since Nvidia (NASDAQ:NVDA) disclosed that it had acquired a small stake in the autonomous robotics company on July 18, the stock has risen about 500%.
Meanwhile, Saab announced changes to its board of directors yesterday.
Background on Nvidia’s investment and Serve
On July 18, Nvidia announced it had acquired 3.7 million shares of Serve Robotics, equivalent to a 10% stake in the company. As of yesterday’s market close, its Serve stake was valued at approximately $45 million.
Founded in 2007, Serve sells zero-emission robots that have achieved Level 4 autonomy, meaning the robots “can operate routinely without human intervention and have on-board features to ensure safe operation.”
In May, the startup revealed a deal with Uber Technologies Inc. (NYSE:UBER) that would allow customers in parts of Los Angeles to have food delivered by Serve’s robots.
Saab’s new director
Goldberg, Saab’s new director, is a vice president at Magna International (NYSE:MGA), a major Canadian auto parts manufacturer, and prior to that was CFO of electric vehicle startup REE Automotive.
Prior to joining REE, Goldberg held a number of roles related to “new partnerships, strategic investments and due diligence.” He joined Magna from investment bank Greenhill & Co, where he was a managing director.
Also yesterday, Saab reappointed Sarfaraz Maredia, Uber’s vice president of delivery and head of the Americas, to its board of directors.
SERV stock price fluctuations
The stock has risen 60% in the past five days and 300% in the past three months.
As of 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 author in accordance with InvestorPlace.com’s Publishing Guidelines.
As of the publication date, the corresponding editor held the position of LONG at NVDA.
Larry Ramer has been researching and writing about U.S. stocks for 15 years. He has worked for The Fly and Globes, Israel’s largest business newspaper. Larry began writing his column for InvestorPlace in 2015. Some of his highly successful contrarian stock picks include SMCI, INTC, and MGM. Contact him on Stocktwits: @larryramer.
