Blue Apron Stock Dropped 29% in July, and There's No Bottom in Sight
Shares of meal kit delivery service Blue Apron (NYSE: APRN) tumbled 29.2% in July, according to data provided by S&P Global Market Intelligence. The company went public on June 29 at a reduced price, and concerns about heavy spending, slowing growth, and intense competition have hammered the stock ever since. Shares fell another 23% during the first 10 days of August, with an abysmal quarterly report and guidance calling for a second-half revenue slump erasing any confidence that remained.
Blue Apron is the first of the meal kit companies to go public. The business model involves boxing up ingredients and recipe cards and shipping them to consumers, allowing them to cook meals without the hassle of shopping at the grocery store and coming up with their own recipes.
Image source: Blue Apron.
Source: Fool.com
