A $6 Billion Wipeout Was an Omen for Food Delivery Stocks
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Europe’s food delivery firms are finding out the hard way that investors are no longer willing to look past continual losses and rising costs.
Delivery Hero SE’s shares shed close to a third of their value on Thursday, or about 5.1 billion euros ($5.8 billion), in a record rout as analysts lamented elusive profitability. The bleeding continued into Friday with a further 13% slump as analysts slashed price targets for the stock. Peers Just Eat Takeaway.com NV and Deliveroo Plc also tumbled on both days, adding to this year’s heavy losses.