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Deliveroo Share Price Looking to Hop Expansion

The price of Deliveroo shares have touched the 300p level this week after a move above there in mid-October. A catalyst is now needed to push above that level for further gains.

Deliveroo upgraded one of its sales metrics in July and at the recent third quarter update. The company has performed better with the reopening of economies and the company has also announced partnerships with Amazon Prime and WM Morrison.

Deliveroo has seen promising results from its Deliveroo Hop trials and is looking to find further partnerships. Chief Executive Will Shu said this week that Deliveroo Hop was achieving delivery times of around 11 minutes.

“The early sort of numbers we’ve seen on retention and frequency, albeit given it’s about two months, have been really encouraging, so we’ll be exploring more and more partnerships with different grocers on this model,” he said.

The real headwind for this share is competition in the sector, with companies such as Getir, Weezy and Gorillas added to the grocery delivery market.

Deliveroo Price Analysis

The price of ROO has bottomed in early-October around the 260p level. The initial rally got above 300p and the price slumped back to the 260p lows. That gives the chance of a double bottom and with price touching 300p this week, the shares need a bounce above that level to fuel further gains. First resistance would likely be around the 350p level.

ROO Share Price