Food delivery service provider Grubhub Inc. has hired financial advisers to help evaluate strategic alternatives for the company, The Wall Street Journal reported Jan. 8, citing anonymous sources.

The strategic options could reportedly include a possible sale of the Chicago-based company or an acquisition. The process is at an early stage, and it is possible that it will not result in any strategic moves, according to the report.

Grubhub told S&P Global Market Intelligence in an email that it does not comment on rumors or speculation.

Grubhub in October 2019 lowered its revenue and profit outlook amid slowing customer growth, the Journal reported.

Shares of Grubhub were up 13.06%% to $54.98 as of 3:15 p.m. ET.