Waitr Holdings: Slides after brokerage downgrades, slashes PT

Waitr Holdings

23/10/2019 14:16

** Shares of the online food-delivery co  WTRH.O  down 6.9%
at $0.54 premarket 
    ** Brokerage Craig-Hallum downgrades stock rating to "hold"
from "buy" and cuts PT to $1 from $5
    ** Says continued management turmoil is creating a high
level of uncertainty 
    ** Earlier last month WTRH said it was exploring options
including a sale after disappointing Q2 results, outlook
 urn:newsml:reuters.com:*:nL4N2553X9
    ** In August, Chief Executive Officer Chris Meaux retired
followed by the resignation of Chief Financial Officer Jeff
Yurecko and two board members earlier this month
    ** Stock has fallen ~84% since August 
    ** Brokerage adds that restaurant count remains below peak
after WTRH raised fees paid by restaurants from 15% to 15-25%
based on monthly volume 
    ** However, it adds that WTRH could be viewed as an
attractive acquisition candidate by its national competitors
like Grubhub  GRUB.N , DoorDash and Uber Eats 
    ** 3 of 6 brokerages rate WTRH "buy" or higher and 3 rate
"hold"; median PT is $4.50
    ** Stock is down ~95% YTD

 (Reporting by Ayanti Bera in Bengaluru)
 ((Ayanti.Bera@thomsonreuters.com; within U.S.+1 646 223 8780,
outside U.S. +91 80 6749 0341;))