Serve Robotics (SERV) stock traded lower after Uber sold its remaining stake, signaling a strained partnership. This comes despite Serve announcing new expansion initiatives with Grubhub and the rollout of Moxi 2.0, which could provide future growth catalysts.
Serve Robotics is facing significant pressure after reporting weaker-than-expected Q2 results and a sharply lowered full-year outlook. The situation was exacerbated by Uber selling its remaining stake due to 'differing views' on their autonomous delivery partnership and lower Uber Eats delivery volumes. While Serve announced new partnerships with Grubhub and the rollout of an upgraded Moxi 2.0 robot, these positive developments are currently overshadowed by the negative sentiment from earnings and the Uber exit. The stock is in a technical downtrend, trading below major moving averages, but short-term momentum indicators show early signs of potential easing selling pressure, suggesting a key support level around $4.50 will be critical for traders to watch.