On demand food ordering and delivery company Waitr Holdings Inc (NASDAQ:WTRH) was in the news on Tuesday after the company announced its financial results for the third fiscal quarter that had ended on September 30, 2021.
Trading Data
On Tuesday, WTRH stock lost 8.06% at $1.7100 with more than 16.76 million shares, compared to its average volume of 13.33 million shares. The stock has moved within a range of $1.6200 – 1.8600 after opening the trade at $1.8700.
Earnings Review
Investors did not seem particularly thrilled with the results and the Waitr stock actually tanked by as much as 8% as a consequence. As it happens, the stock is not going particularly well this morning either and has already gone down by another 5% during premarket trading period.
The company announced that its revenues in the third fiscal quarter came in at $43.4 million but that was lower than the $52.7 million that it had generated in the prior year period.
On the other hand, the revenues generated by the company in the first nine months of 2021 ending in September came in at $143.5 million and that was also significantly lower than the $157.5 million in revenues in the prior year period. However, the net income for Waitr soared to $12.3 million and proved to be a much higher figure than the net income of $4.6 million in the prior year period. The company noted that it remained committed to investing in technology in the third quarter.
Key Quote
Mr. Grimstad noted, “We continue to recover from the third quarter hurricanes that affected our core Southeast markets and financial results. Despite these events, Adjusted EBITDA for the third quarter of 2021 increased by 24% from Adjusted EBITDA of $2.5 million in the second quarter of 2021 primarily as a result of increased operational efficiencies.”
Technical Data
WTRH stock is trading above the 20-Day and 50-Day Moving averages of $1.51 and $1.19 respectively. However, the stock is trading below the 200-Day moving average of $2.13. The stock is up 100% in the past month.
