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The latest food delivery survey and analysis of third-party data from the food delivery market indicate GrubHub Inc (NYSE:GRUB) continues to enjoy the position of a market leader, according to Raymond James.
The Analyst
Raymond James’ Aaron Kessler maintains a Market Perform rating on GrubHub.
The Thesis
GrubHub’s brand awareness and usage continues to be the strongest in the food delivery market, although competition is aggressively closing the gap. The survey indicated 43 percent of consumers who had recently used online food delivery services were using GrubHub.
Although usage remains the highest, it's down from 50 percent in 2016, reflecting the growth and adoption of newer platforms, Kessler said.
Moreover, an analysis of the top three food delivery companies in the U.S. showed GrubHub’s share had declined from 61 percent in January 2018 to 46 percent in November 2018.
“Given the relatively early stage of the market, we do not believe food delivery is a zero sum game, and market share losses reflect faster growth of competitors (though off lower base),” Kessler wrote in the note.
The survey also indicated an increase in the adoption of online food delivery services, with 23 percent respondents using the service currently, versus 15 percent in November 2016. Adding the current figure to those likely to use in such a service in the future takes the total to 63 percent, indicating a large untapped market opportunity and a long runway for growth, the analyst noted.
Price Action
Shares of GrubHub traded at $78.29 Wednesday afternoon, up 2.3 percent.
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Photo courtesy of GrubHub.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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