- The stock price of Waitr Holdings Inc (NASDAQ: WTRH) increased by over 20% pre-market today. This is why it happened.
The stock price of Waitr Holdings Inc (NASDAQ: WTRH) increased by over 20% pre-market today. There are no company-specific news reports about the company so it appears there are external factors at play.
When I reviewed a few stock trading forums to see what is going on, I discovered a few investors cited an SEC filing. The SEC filing reveals that entities associated with Morgan Stanley own a large number of shares of the company. One of the entities owns 12,127,760 shares at a 10.3% ownership stake. And another Morgan Stanley entity owns 5,902,984 shares at a 5% ownership stake of Waitr Holdings. Whenever a major institution discloses an ownership stake in a company, the stock price generally increases.
Waitr Holdings – together with its subsidiaries – is known for operating an online ordering technology platform in the US. The Waitr and Bite Squad mobile applications provide delivery, carryout, and dine-in options, connecting restaurants, drivers, and diners. And as of December 31, 2020, the company had approximately 20,000 restaurants, in 700 cities, on the platforms.
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