GrubHub (NYSE: GRUB) shares were trading lower on Friday after the company announced there is no process in place to sell the company and there are currently no plans to do so.
On Wednesday, shares traded nearly 20% higher after reports emerged GrubHub is considering a possible sale of the company or an acquisition due to increased competition in the food delivery sector and decline in its shares.
Over the years, the fast-food delivery industry has become very competitive, with rivals that include DoorDash, Postmates and Uber Technologies (NYSE: UBER) Uber Eats division.
GrubHub's stock traded down 7.82% to $51.37 per share at the time of publication. The stock has a 52-week high of $149.35 and a 52-week low of $60.20