Waitr's stock rockets on heavy volume after Morgan Stanley discloses more than 10% stake

Shares of Waitr Holdings Inc. WTRH, +56.16% changeable up 45.4% connected monolithic measurement successful day trading Wednesday, to bounce disconnected a 19-month closing debased successful the erstwhile session, aft Morgan Stanley disclosed a 10.3% involvement successful the company. Trading measurement ballooned to 155.9 cardinal shares, capable to marque the online ordering exertion level company's banal the astir actively traded connected large U.S. exchanges, and good supra the full-day mean of astir 4.9 cardinal shares. In a filing with the Securities and Exchange Commission precocious Tuesday, Morgan Stanley said it owned 12.13 cardinal shares of Waitr stock, which would beryllium capable to marque the slope and brokerage Waitr's largest shareholder, according to FactSet data. In Morgan Stanley's latest 13-F filing with the SEC successful August, the broker said it owned conscionable 807,195 shares arsenic of June 30. On Tuesday, the banal had closed astatine 80 cents, the lowest closing terms since March 2020. Even with Wednesday's rally, the banal has inactive tumbled 58.1% twelvemonth to date, portion the S&P 500 SPX, +0.32% has gained 16.0%.