Shares of Serve Robotics Inc. (SERV) surged 16.92% in pre-market trading on Wednesday, fueled by the company's announcement of expanding its autonomous sidewalk delivery robot service to the vibrant Miami metro area. This marks a key milestone in SERV's strategic plan to deploy 2,000 robots across the U.S. by the end of 2025.
The San Francisco-based robotics firm revealed its partnership with Shake Shack (SHAK) and Mister O1 Extraordinary Pizza to offer delivery services in Miami Beach and Brickell neighborhoods through Uber Eats (UBER). Customers ordering from select Shake Shack and Mister O1 locations in these areas may receive their orders via SERV's autonomous robots, a testament to the rapid growth of this cutting-edge technology.
In addition to the Miami expansion news, investors were further buoyed by Northland Securities analyst Michael Latimore reiterating a Buy rating on SERV stock. Latimore termed the recent sell-off as a "great buying opportunity", underpinning Wall Street's optimism surrounding the company's future prospects.
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