'Millennials can't cook,' hedge fund honcho says
{{#rendered}} {{/rendered}}File photo: GrubHub CEO Matt Maloney (C) applauds after ringing the opening bell before the company's IPO on the floor of the New York Stock Exchange in New York April 4, 2014. (REUTERS/Lucas Jackson)
Speaking at an investment conference, hedge fund bigwig Li Ran of Half Sky Capital said "millennials can't cook," recommending investors buy shares of food delivery company GrubHub.
Noting the rise in "hungry but kitchen-challenged" people in the U.S., Ran highlighted positive trends for the online food delivery company. Speaking at the Ira Sohn Conference in New York on Monday, she said GrubHub is "the leading online food delivery platform in the U.S." Ran also cited the fact the company has a "proven" concept, allowing people of all ages to place food orders on its websites and order from local eateries.
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{{#rendered}} {{/rendered}}GrubHub has proven to be popular with younger consumers, especially ones who are looking to try new foods, but don't necessarily have the time or the know-how to cook.
A December 2017 analysis by Verto Analytics showed that GrubHub had 6.7 million users in the U.S. as of October 2017, more than 2 million more than its closest competitor, UberEats.
Verto found that females largely make up Grubhub's monthly users, at 64 percent. It also tends to skew younger, with 32.3 percent of GrubHub's users falling into the 25-34 and 35-44 year-old age groups. By contrast, adults 55 and over make up 20.7 percent of GrubHub's users.
{{#rendered}} {{/rendered}}GrubHub, which owns the platform bearing its name and Seamless, is worth up to $160 a share, Ran said. Shares were recently changing hands at $102.31, up 0.63 percent on Monday.
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