Economy

Blue Apron to lay off 6% of workforce

Blue Apron to lay off 6% of workforce”

The subscription meal service went public on the New York Stock Exchange in June with a $1.9 billion valuation-its lavish IPO celebration included a lettuce wall. In August, Blue Apron imposed a temporary hiring freeze and fired 14 members of its recruiting team. Finally, SG Americas Securities LLC bought a new position in shares of Blue Apron Holdings in the 2nd quarter valued at approximately $264,000. The firm's 50 day moving average price is $5.38 and its 200-day moving average price is $6.04. The company has market cap of $83.98 million. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.21).

Revenue moved just 18% higher in the second quarter, a far cry from the 42% surge it posted in the first quarter after more than doubling for all of 2016. Shares of Blue Apron fell 1% in late trading after ending the regular trading day down 1.5%.

COPYRIGHT VIOLATION NOTICE: "30,000 Shares in Blue Apron Holdings Inc (APRN) Purchased by BlueCrest Capital Management Ltd" was posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this report on another publication, it was stolen and reposted in violation of global trademark & copyright law. 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. Oppenheimer reinitiated the shares of APRN in report on Monday, August 21 with "Perform" rating. The stock now has an average rating of Hold and an average target price of $7.77.

A lot of things have tripped up Blue Apron in its short tenure as a publicly traded company.

Several other equities research analysts also recently weighed in on the stock. The company now has an average rating of "Hold" and an average price target of $7.77. The deal showed that the well-capitalized Amazon was serious about dominating online fresh-food sales, and added to the intense competition Blue Apron was already facing in the narrower meal-kit space. 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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