Why Blue Apron Stock Is Soaring Today
Shares of meal kit delivery service Blue Apron (NYSE: APRN) surged on Monday after initial analyst coverage on the stock proved mostly positive. The majority of analyst ratings were the equivalent of "buy," the first real piece of good news for Blue Apron investors. Shares of Blue Apron were up about 10.5% at 10:45 a.m. EDT.
Blue Apron stock has tumbled since the company debuted at $10 per share, trading for just $6.55 at the end of last week. Concerns about customer turnover, exploding marketing costs, growing losses, and intense competition from other meal kit services and the soon-to-be Amazon-owned Whole Foods Market gave investors plenty of reasons to avoid the stock.
Analysts are far more optimistic.
Source: Fool.com