Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of GrubHub, (NYSE:GRUB) jumped more than 11% early Thursday, then settled to trade up around 5% after the online food ordering specialist released mixed second quarter results and strong forward guidance.

So what: Quarterly revenue grew 48% year over year to $60 million, which translated to net income of $2.7 million, or $0.03 per share. Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortization rose 56% over the same period to $16.9 million. Analysts, on average, went into the report modeling higher earnings of $0.06 per share on lower sales of $54.7 million.

However, the market was willing to forgive the bottom-line shortfall given GrubHub's guidance, which calls for third quarter revenue in the range of $55.5 million-$57.5 million, with adjusted EBITDA of $13 million-$15 million. Analysts, for their part, were modeling Q3 sales of $54.3 million.

Now what: GrubHub's results were a mixed bag, which explains why it gave up some of its early morning gains. And the stock certainly doesn't look cheap trading around 15.5 times trailing 12-month sales and 85.6 times next year's expected earnings -- though that's not entirely uncommon for a high-growth company as it propels its operations into sustained profitability. I prefer continuing to watch GrubHub from the sidelines for now, but certainly wouldn't be surprised to see the stock move higher over the near-term.