The food delivery market has become explosive, we noted just yesterday.
“Nowadays, food delivery has become a global market worth more than $150 billion, having more than tripled since 2017. In the United States, the market has more than doubled during the pandemic, following healthy historical growth of 8 percent,” says McKinsey & Company.
Even with restaurants reopening, and consumers crowding food stores, more Americans are ordering groceries online, according to Gallup.
“The percentage of U.S. adults who now say they order groceries online for pickup or delivery at least monthly has doubled, from 11% in 2019 to 23% today. This includes 3% who do so more than once a week, 9% weekly, and 11% once or twice a month,” says the firm.
It’s part of the reason shares of Waitr Holdings (WTRH) just popped 45% to $1.18. It’s also up on news Morgan Stanley disclosed a 10.3% stake in the company.
On that news, WTRH is now one of the most actively traded stocks on market today.
Volume is up to 157.3 million, as compared to daily average volume of 4.6 million. From a current price of $1.18, the small cap could deliver higher highs.
Stay tuned for more.