Waitr Holdings Inc. (NASDAQ:WTRH) jumped 11% after announcing the completion of asset acquisitions of various payment processing firms, including Flow Payments, ProMerchnats, Cape Cod Merchant Services. The three companies are leading players in the merchant processing offerings sector.
CEO Carl Grimstad said that the acquisitions of the innovative payments firms are part of Waitr’s growth strategy to provide a comprehensive suite 0f payment processing solutions to its current restaurant base and potential restaurants in the future. Grimstad added that they view the acquisitions as a huge milestone in pursuing their strategy, and they are optimistic it could lead to considerable growth.
In the second quarter ended June 30, 2021, the company posted revenue of $49.2 million relative to Q1 2021 revenue of $50.5 million. For the six months ending June 30, 2021, the company’s reported revenue of $100.1 million versus $104.7 million reported a year ago. Average daily orders were up to 38,583. Waitr reported a net loss of $5.6 million. Therefore, in the coming weeks, investors should watch WTRH.
Market Reaction:
On Friday, WTRH stock soared 11.21% at $1.29 with more than 9.82 million shares, compared to its average volume of 3.68 million shares. The stock has moved within a range of $1.1505 – 1.3500 after opening the trade at $1.17.
