Why Waitr Holdings Stock Jumped Today

Shares of Waitr Holdings (NASDAQ: WTRH) popped by as much as 16% today after food delivery giant DoorDash (NYSE: DASH) priced its IPO at $102 yesterday evening, above the expected valuation range of $90 to $95. That range was increased earlier this month. As of 1 p.m. EST, Waitr shares were still up 8%.

Beyond higher-than-expected pricing, DoorDash shares have leapt out of the gate on the first day of trading. The stock is currently trading around $183, or nearly 80% higher than the IPO price. The strong debut is boosting other companies within the food delivery sector, such as Waitr and Grubhub, which is preparing to be acquired by Just Eat Takeaway in an all-stock transaction. Both Grubhub and Just Eat Takeaway stocks are up about 7% each.

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Source Fool.com