Street Calls of the Week
SAN FRANCISCO - Serve Robotics Inc. (NASDAQ:SERV), currently valued at $784 million and trading near $13, has deployed its 1,000th third generation autonomous sidewalk delivery robot, the company announced Monday in a press release. According to InvestingPro analysis, the stock appears overvalued at current levels.
The autonomous delivery company reported that 380 of these robots were deployed in September across various U.S. communities. Serve stated it remains on track to meet its target of deploying 2,000 robots by the end of 2025. The company’s stock has shown strong momentum, gaining over 150% in the past six months. Get deeper insights into SERV’s growth potential with a comprehensive InvestingPro Research Report.
Serve Robotics, which was spun off from Uber in 2021, develops AI-powered sidewalk delivery robots designed for sustainable and economical delivery services. The company has completed hundreds of thousands of deliveries for partners including Uber Eats and 7-Eleven.
The company noted it has multi-year contracts in place, including an agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
Serve Robotics became publicly traded on the Nasdaq under the ticker symbol SERV, though the press release did not specify when this listing occurred.
In other recent news, Serve Robotics announced its acquisition of Voysys AB for approximately $5.75 million, aiming to enhance its autonomous delivery technology. The acquisition is expected to bolster Serve Robotics’ technology stack, particularly in ultra-low latency video streaming and connectivity, which are crucial for deploying autonomous robots. Following this development, Cantor Fitzgerald reiterated its Overweight rating on Serve Robotics, maintaining a $17.00 price target. Additionally, Wedbush analyst Daniel Ives initiated coverage of Serve Robotics with an Outperform rating and a $15 price target, noting the company’s potential in AI-driven last-mile delivery vehicles. Serve Robotics also expanded its autonomous delivery service to Chicago, marking its first venture into the Midwest. The service will operate across 14 neighborhoods, delivering food from over 100 restaurants. These recent developments highlight Serve Robotics’ strategic moves to strengthen its market position and technology capabilities.
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