GrubHub is down more than 10% since Monday, and options traders think it's going to be a while before the market regains its taste for the company.
this week. The food delivery stock is down more than 10% since Monday, and options traders think it's going to be a while before the market regains its taste for the company.
As Nathan pointed out, more than 9,000 of those contracts traded in small lots for an average of about $1.28 in premium per contract. While that means there wasn't one big blockbuster trade in the name, it does signify that many traders are on the same page about GrubHub's near-term future. "That seems like a pretty significant move, but here's the thing: This stock is down 60% from its all-time highs made last year. It's down 24% on the year, and just made a new 52-week low today," said Nathan.
"We also know that they've got two massive competitors. Doordash, which is valued at $12 billion versus GrubHub's $5 billion public market cap, and they're spending a lot of that VC money to get growth," he said, "and to get to the public market, and obviously there's Postmates, too.""This huge run-up, this is the bullishness that was surrounding all of these tech unicorns that were preparing to come to the public markets," he said.
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