Waitr stock is beginning 2020 well after appointing Adam Price as its new CEO with the remit of making the company profitable in the new year.
Waitr Holdings Inc (NASDAQ:WTRH) is an industry leader in on-demand food ordering and delivery in underserved US markets, such as its home state of Louisiana. Waitr stock had been sinking throughout the second half of 2019, with Price being brought in at the end of August to replace the company’s founder Chris Meaux as CEO. The 35-year-old Texas native is looking to make Waitr profitable and sustainable in a time when people are questioning the long-term viability of the industry. Signs of life in Waitr stock show he just might step up to the mantle.
“Food delivery is fairly new, right?” Price said. “So it’s not an industry that has just a history with a person who’s been in food delivery logistics with consumer apps for 40 years, which you have in a lot of different industries. It’s a fairly new industry.” He continued to add, “we don’t have a billion dollars on our balance sheet. We can’t figure this out five years down the road. We need to figure that out now. So we’ve made a lot of changes in the business.” Waitr shares are currently trading at just $0.32 but gained over 7% on New Year’s Eve to see out the year.
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With Waitr stock bleeding, Price told shareholders that he was implementing a strategy to save up to $30 million USD in 2020, a plan that has clearly been well received by the market. Most of those savings will come from the restructuring that has already taken place and through the implementation of technology that will improve driver efficiency, said Price. Back in October, we cited Waitr as one of our penny stocks to watch, and it looks as though the new year could finally bring some joy for holders of Waitr stock.
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