Serve Robotics Inc. (SERV) experienced a significant decline in its stock price, closing at $13.50, down 11.53% from the previous close of $15.26. The stock opened at $15.57 and reached a high of $15.65 before plummeting to a low of $13.35. The trading volume was 7,087,378 shares, slightly below the average.
The decline was influenced by a recent incident involving a Serve delivery robot colliding with a Waymo robotaxi in Los Angeles on December 27th. This incident has raised concerns about the safety and reliability of autonomous delivery systems, sparking discussions about liability and operational challenges. Additionally, insider selling by CEO Ali Kashani, who sold 5,000 shares on December 24th and 7,500 shares on December 26th, has contributed to negative sentiment, as disclosed in SEC filings. Despite some optimistic discussions on Reddit about Serve's long-term potential, the stock's performance today reflects investor caution.