Waitr Holdings stock ran up 8.7% to $1.50 per share in after-hours trading on August 20, 2019, after Tilman Fertitta disclosed that he purchased 1,000,000 shares of the stock. The total transaction value of the purchase was $1,426,000. Waitr Holdings stock has continued to run up in regular trading on August 21, 2019.
Waitr Holdings Inc. provides online food ordering and delivery services in the Southeastern United States. Its Waitr Platform and Bite Squad Platform facilitates ordering of food and beverages by diners from restaurant partners for pick-up and delivery through a network of drivers. As of December 31, 2018, the company had approximately 8,500 restaurant partners in 250 cities.
Waitr Holdings said in their last earnings release, “After consideration of recent interest expressed in the Company as a result of its dominant position in core small to medium sized markets, along with a consolidating landscape in the industry as recently announced transactions from other companies in the restaurant delivery space would indicate, Waitr recently commenced a review to explore and evaluate potential strategic alternatives to enhance shareholder value. These alternatives could include, among others, continuing to execute the Company’s business plan, including an increased focus on certain standalone strategic initiatives, the disposition of certain assets, a strategic business combination, a transaction that results in private ownership or a sale of the Company, or some combination of these. The Company has engaged Evercore and Jefferies as financial advisors to assist the Board with its strategic alternatives review.”
I think the company is a very attractive purchase because of their explosive revenue growth.
A big insider buy of 1 million shares as the company is exploring strategic initiatives could mean something big is in the works.
Disclosure: We do not hold any position in WTRH stock.