Waitr Holdings (NASDAQ:WTRH) is currently one of the better known operators in the on demand food deliver space and in the past week the stock has made a strong move.
Market Action:
On Thursday, WTRH stock moved down 1.61% at $1.8300 with more than 22.05 million shares, compared to its average volume of 12.89 million shares. The stock has moved within a range of $1.7500 – 2.1400 after opening the trade at $2.0450.
Major Trigger
During the period, the stock has gone up by as much as 18% and it might now be the right time for investors to look into the company a bit more closely. The company is still relatively small and in the first and in the first half of the year, it generated revenues of only $100 million and at the same time suffered a loss of $9 million as well.
However, things changed for the stock earlier on this month when the banking giant Morgan Stanley disclosed on October 12 that it had a 10% stake in Waitr Holdings.
Since that announcement, the stock has been in the middle of a rollicking rally as investors piled on to it in a big way. Experts however believed that the bank may have become interested in the company after it had managed to turn a profit in 2020. In fact, even in the last quarter of 2020, when the lockdowns had been eased, Waitr had managed to turn a profit.
Traders Note:
WTRH stock is trading above the 20-Day and 50-Day Moving averages of $1.39 and $1.15 respectively. However, the stock is trading below 200-Day moving average of $2.15. The stock is up 14% in the past 3-month.
