Blue Apron Stock Tanks as Company Announces Possible Job Losses

A W.A.R.N. notice which requires employers to provide 60 days notice of plant closings and mass layoffs appeared Friday saying that 1,270 Blue Apron employees would be affected

A W.A.R.N. notice which requires employers to provide 60 days notice of plant closings and mass layoffs appeared Friday saying that 1,270 Blue Apron employees would be affected

The company said Friday that it would lay off around 24 percent of its workers, bringing its total headcount down to less than 4,000, Bloomberg reported. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. They issued a "sell" rating and a $2.00 price objective for the company. (The) began coverage on Blue Apron Holdings in a report on Monday, July 24th. Finally, Stifel Nicolaus began coverage on Blue Apron Holdings in a research note on Monday, July 24th. The stock was recently hovering below $6 a share, down about 7 percent late Friday.

It appears the bloom is off the rose for Blue Apron (NYSE: APRN). The stock had a trading volume of 3,913,440 shares. The company, which had an IPO price of $10 per share, had seen its stock fall more than 38 percent, however, news of the job cuts sent shares lower. LMR Partners LLP acquired a new position in shares of Blue Apron Holdings during the second quarter valued at $2,195,000. The company's market cap is $178.43 million. If you are viewing this news story on another website, it was illegally stolen and republished in violation of U.S. & global copyright & trademark legislation.

A Blue Apron spokesperson said that the layoff notice is merely a formality. SG Americas Securities LLC acquired a new position in shares of Blue Apron Holdings during the second quarter valued at $264,000. DekaBank Deutsche Girozentrale bought a new stake in Blue Apron Holdings during the second quarter valued at about $220,000. Blue Apron competes with dozens of other such startups, including Hello Fresh, and Plated, while Amazon.com Inc. has also shown it's interested in getting in. Russell Investments Group Ltd. acquired a new position in shares of Blue Apron Holdings during the second quarter valued at $464,000. The Company offers under a novel business model in which it source, process, store and package meal ingredients and ship them directly to consumers.

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