Why Ocado Group Stock Is Skyrocketing Today
Ocado Group (LSE: OCDO) stock is soaring in Thursday's trading thanks to speculation that the company could be acquired by Amazon. The U.K.-based online grocery business's share price was up 31.8% as of 3:30 p.m. ET, according to data from S&P Global Market Intelligence.
U.K. news outlet The Times published a report early today indicating that Ocado had emerged as a potential acquisition target. The report indicated that the business was attracting buyout interest from multiple American companies and noted Amazon as a potential suitor.
In addition to running its own retail operations, Ocado also licenses grocery-delivery technologies to third parties. The company's still-compressed valuation and strong position in the U.K.'s online grocery market makes it a feasible buyout target. Even with today's explosive rally, the company's share price is still down roughly 6% in 2023 and 32.5% over the last year.
Source Fool.com
