Deliveroo News

The Just Eat and Deliveroo share prices have been in the spotlight in the past few days. Deliveroo managed to move above its IPO high while the Just Eat stock has been in focus as its orders rise. Just Eat ignores takeover talk The number of takeovers for UK companies has been rising recently. An American private equity company is in the process of acquiring Morrison’s Supermarket. And recently, an American defense contractor raised its bid for Meggitt. And recently, there have been talks that Just Eat Takeaway could be a target. In a recent note, Cat Rock Capital, a leading investor in the company said that the company should explore strategic alternatives. These options include an outright sale or a merger with other firms like Deliveroo and Delivery Hero. The hedge fund owned Just Eat and Takeaway before their merger almost two years ago. In a statement, Just Eat’s CEO, Jitse Groen said that a merger was not viable at the moment. He cited the fact that most of the rivals mentioned were still making substantial losses. The statement came a few days after Seth Klarman’s hedge fund bought a stake worth more than $645 million in the company. The Just Eat share price has dropped by more than 37% from its all-time high of more than 10,000p. The firm has a market cap of more than 13 billion pounds. Its revenue rose to more than 2 billion pounds in 2020. Meanwhile, the Deliveroo share price has been in focus after it announced strong deliveries in the second quarter. The company also received a major investment from Delivery Hero, the German company. As a result, the ROO share price jumped above its IPO price. Just Eat share price forecast The daily chart shows that the JET share price has been in a strong bearish trend in the past few months. Along the way, it has formed a big descending channel that is shown in blue. The stock is now slightly below the upper side of this channel. It has also declined below the 50-day and 25-day moving averages. Therefore, despite the jump, the Just eat Takeaway share pre may keep falling as bears target the next key support at 5,330, which was the lowest level since March 2020. Deliveroo share price forecast The ROO share price has moved as I predicted three weeks ago. The stock has managed to move above its all-time high. Along the way, it has moved above the moving averages while the Relative Strength Index (RSI) has moved to the oversold level. Now, with momentum rising, I suspect that the shares will likely maintain the bullish trend as institutional investors come in.

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