GrubHub Soars 10% as CEO Buys Nearly $1 Million in Shares
GrubHub Soars 10% as CEO Buys Nearly $1 Million in Shares
(Bloomberg) -- GrubHub Inc. rocketed as much as 10 percent after a filing with the U.S. Securities & Exchange Commission showed that Chief Executive Office Matthew Maloney purchased almost $1 million of company stock.
Shares of the restaurant delivery platform may also be seeing a bump after positive commentary on their partnership from Yum! Brands Inc., which the Louisville, Kentucky-based operator of KFC and Taco Bell reported in first-quarter earnings Wednesday.
“We are excited about our partnership with GrubHub” Yum CEO Greg Creed said in a conference call, adding “We now have 2,200 KFCs offering delivery and 3,200 restaurants available for click-and-collect on the GrubHub marketplace.”
Yum slumped the most in three months, dropping as much as 3.6 percent, after a strong performance from KFC and Taco Bell failed to take the bite out of Pizza Hut’s failed turnaround story.
GrubHub insiders hold a 0.3 percent stake, according to data compiled by Bloomberg.
To contact the reporter on this story: Rebecca Choong Wilkins in New York at rchoongwilki@bloomberg.net
To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Dave Liedtka
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