Ocado shares jumped 6.64% on Tuesday, 10 November, closing at 356.40p and reaching a new 52-week high, as the online grocer topped the risers on the FTSE 250 while London's blue-chip index ended the day lower.

The shares rose 22.2p from Monday's close of 334.2p, passing the previous 52-week peak of £3.55 reached on 20 October. Trading volume totalled 2.2 million shares, close to the 50-day average of 2.5 million.

The gain stood out on a weak day for London shares. The FTSE 100 gave up earlier gains to close 0.29% lower at 10,751.59 after hotter-than-expected US inflation data, while the FTSE 250 ended 0.16% higher at 24,746.65. Ocado had already been among the mid-cap risers by midday, when it was up 2.57% at 342.40p, before pushing higher in the afternoon.

A new high for the year

Tuesday's close marked a sharp turnaround from the summer, when Ocado shares touched a 52-week low of 140.3p on 16 July. The shares have now risen about 20% in the past month and about 51% since the start of the year, according to market data.

The stock has been climbing for weeks. It has roughly doubled from its July low, and it has now topped the FTSE 250 risers in back-to-back sessions, supported by improving sentiment towards the company's technology business.

Analyst support behind the run

One factor behind the recent run has been a supportive note from Morgan Stanley earlier in the week. The bank upgraded Ocado to equal weight and set a new price target of 300p, suggesting that much of the negative news flow around the company may now be behind it.

Morgan Stanley's bull case, based on more contracts for Ocado's grocery technology and a faster route to profitability, values the shares at 580p. The bank said it now sees more and more evidence of improvements in operational performance, particularly within Ocado's Technology Solutions arm, which should drive a continued re-rating of the shares.

A year of setbacks and recovery

Ocado has had a difficult year. Its largest global partner, Kroger in the United States, announced at the end of 2025 that it would close three automated fulfilment centres, a move that caused the single biggest one-day fall in Ocado's share price, down 17.4%.

There have been more hopeful signs since then. In August 2026, Ocado confirmed Danish online grocer Nemlig as its latest international partner, with a new automated fulfilment centre planned near Copenhagen. That announcement lifted the shares by 12% in a single session.

In October, reports that Australian supermarket group Coles was exploring the use of Ocado's robotic technology inside its stores lifted the shares by 6.9%. Ocado's half-year results for 2026 showed reported revenue up 54% to £1.04 billion, with adjusted earnings before interest, tax, depreciation and amortisation rising to £432 million.

What comes next

Investors will now watch whether Ocado can hold above its new high. The company's next scheduled results are its full-year figures, due in February 2027, when the market will look for further evidence that new technology contracts are turning into sustained profit growth.

For now, Tuesday's move leaves Ocado as one of the strongest performers on the London market this autumn, with the shares well clear of the lows seen in the summer.