Blue Apron Holdings Inc (APRN) Stock Price Down 17.6% Following Weak Earnings

Blue Apron Holdings Inc (NASDAQ:APRN)’s share price fell 17.6% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $5.03 and last traded at $5.14, with a volume of 16,597,473 shares changing hands. The stock had previously closed at $6.24.

The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by $0.21. The business had revenue of $238.10 million for the quarter, compared to analysts’ expectations of $235.78 million. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year.

A number of research firms have issued reports on APRN. Needham & Company LLC reissued a “buy” rating and set a $6.50 target price (down from $10.00) on shares of Blue Apron Holdings in a research note on Friday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $8.00 price target (down from $10.00) on shares of Blue Apron Holdings in a research note on Friday. Barclays PLC reduced their price target on shares of Blue Apron Holdings from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Friday. Oppenheimer Holdings, Inc. lowered shares of Blue Apron Holdings from an “outperform” rating to a “market perform” rating and set a $11.00 price target for the company. in a research note on Friday. Finally, Canaccord Genuity reduced their price target on shares of Blue Apron Holdings from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $7.83.

Hedge funds have recently added to or reduced their stakes in the stock. Obermeyer Wood Investment Counsel Lllp acquired a new stake in Blue Apron Holdings during the second quarter valued at approximately $110,000. Legal & General Group Plc acquired a new stake in Blue Apron Holdings during the second quarter valued at approximately $187,000. DekaBank Deutsche Girozentrale acquired a new stake in Blue Apron Holdings during the second quarter valued at approximately $220,000. SG Americas Securities LLC acquired a new stake in Blue Apron Holdings during the second quarter valued at approximately $264,000. Finally, Russell Investments Group Ltd. acquired a new stake in Blue Apron Holdings during the second quarter valued at approximately $464,000.

The company’s 50 day moving average is $7.05 and its 200-day moving average is $7.05. The firm’s market capitalization is $153.82 million.

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Blue Apron Holdings Company Profile

Blue Apron Holdings, Inc is a holding company. The Company is focused on providing recipes and fresh ingredients for making home cooking accessible. The Company offers under a novel business model in which it source, process, store and package meal ingredients and ship them directly to consumers. The Company’s core products include Meals and Wine.

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