Serve Robotics Inc. (SERV) saw a significant surge in its stock price on January 6th, closing at $22.89, up 20.28% from the previous close of $19.03. The stock opened at $20.90 and reached an intraday high of $24.35, with trading volume soaring to 27,124,715 shares, 340.10% of its average volume. This dramatic increase was primarily driven by the announcement of $86 million in new financing secured in December 2024, bringing the total funding for the year to $167 million. This capital infusion strengthens Serve's financial position, extending its operational runway through 2026 and enabling self-funding of equipment investments, which supports strategic initiatives like the production of third-generation robots and market expansion.
The positive sentiment was echoed on Reddit, where users expressed excitement about the company's future prospects, with one user stating, "Wow. CEO answering qs on Reddit. This company is going 🚀." The engagement from the CEO on social media has been well-received, further boosting investor confidence. Additionally, speculation about potential insider buying or acquisition rumors added to the bullish sentiment, as some users speculated about similarities between Serve's technology and Tesla's self-driving taxis, suggesting potential synergies.
The stock's upward momentum was also supported by favorable analyst ratings, with several research firms assigning "strong-buy" ratings and setting price targets above the current trading levels.