Shares of GrubHub Inc (GRUB - Get Report) nearly hit new all-time highs Wednesday. Although its off its session highs, GRUB stock is still up about 1% on the day. So what's got it moving?

An analyst at Cowen upped his price target to $65 from $54 and maintained his outperform rating. He reasoned that recent M&A activity should help give GrubHub's business a boost.

TheStreet's Jim Cramer agreed, adding that other companies, like Yelp Inc (YELP - Get Report) and Groupon Inc (GRPN - Get Report) have benefited from acquisitions that helped expand their market share. While Groupon is up more than 30% in 2017, it's actually down about 15% over the past 12 months. It's not too late to buy GRPN stock, Cramer reasoned on CNBC's "Stop Trading" segment.

Turning back to GrubHub, he explained it's part of the "new economy." The stay-at-home economy, as Cramer has called it in the past, as consumers want convenience. They want to stay home, have their food delivered, play video games, watch Netflix (NFLX - Get Report) or play on their Apple (AAPL - Get Report) iPhone or iPad.

Oddly though, investors keep thinking this "remarkable company" is going to fail, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. That's evident in the fact that more than 30% of the float is sold short in GRUB stock, he pointed out.

Consumers are still feeding the stay-at-home economy and that should continue to benefit GrubHub, he concluded.

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