Blue Apron is slashing 6 percent of its workforce

Marco Green
October 19, 2017

Finally, Citigroup Inc. lowered Blue Apron Holdings from a buy rating to a neutral rating and dropped their target price for the stock from $10.00 to $5.50 in a research report on Friday, August 11th. Blue Apron said it had 5,393 employees on June 30 this year, which means over 200 people will be laid off.

Other hedge funds have also recently made changes to their positions in the company.

Blue Apron has been plagued by bad news since Amazon.com Inc. announced its bid to buy natural grocer Whole Foods, overshadowing the smaller company's planned initial public offering. Finally, SG Americas Securities LLC bought a new position in shares of Blue Apron Holdings in the 2nd quarter valued at approximately $264,000.

Blue Apron's prospects just keep growing dimmer. The company's market cap is $163.74 million.

Reps for Blue Apron did not immediately respond to a request for comment. Moreover, Kennedy Capital Management Inc. has 0.09% invested in the company for 478,143 shares. The firm had revenue of $238.10 million for the quarter, compared to analyst estimates of $235.78 million. The business's revenue for the quarter was up 17.9% on a year-over-year basis. On average, equities analysts anticipate that Blue Apron Holdings will post ($1.56) earnings per share for the current year.

Blue Apron's stock price has gone way down since the company went public in June. If you are reading this article on another website, it was illegally copied and republished in violation of global trademark and copyright laws. The legal version of this piece of content can be accessed at https://weekherald.com/2017/10/18/blue-apron-holdings-inc-aprn-downgraded-to-sell-at-zacks-investment-research.html. The rating was reinitiated by Oppenheimer on Monday, August 21 with "Perform". The stock now has an average rating of Hold and an average target price of $7.77.

Blue Apron is fighting to get back in the black. They set a "buy" rating and a $12.00 target price on the stock. Blue Apron had 2 analyst reports since August 18, 2017 according to SRatingsIntel. The company now has an average rating of "Hold" and an average price target of $7.77.

Though the competitive heat has been turned way up thanks to Amazon's grocery and meal kit push, Blue Apron still has strong brand recognition and remains the leader in the meal kit delivery space.

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