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Here's Why Blue Apron (APRN) Stock Jumped Today

ByZacks Investment Research
Published 08/14/2017, 04:49 AM
Updated 07/09/2023, 06:31 AM

Shares of Blue Apron (NYSE:APRN) rose 5% in midday trading on Monday after Jana Partners revealed in a 13F filing that it owns a 2% stake in the meal-kit company, worth about $5.6 million.

The hedge fund, run by Barry Rosenstein, has previous experience in the grocery sector. Jana Partners reaped $300 million after selling its stake in Whole Foods Market (NASDAQ:WFM) when the company was acquired by Amazon.com (NASDAQ:AMZN) this past June.

Blue Apron has been struggling since its recent IPO. Last week, it fell to an all-time low of $5.00 per share after reporting worse-than-expected earnings. The company reported losing 47 cents per share, far below the Zacks Consensus Estimate of a loss of 30 cents per share.

However, while Jana Partners invested in Blue Apron this past quarter, the fund exited its stake in Snap (NYSE:SNAP) . Snap is another stock that has been struggling after its IPO this year, suggesting that Jana Partners sees a brighter future for Blue Apron than the tech company (also read: Blue Apron vs. Snap: Which IPO Has Been Worse So Far?).

Jana Partners also disclosed a 593,097 share stake in the grocer Sprouts Farmers Market (NASDAQ:SFM) , which is worth $13.45 million. Shares of the grocer also rose in midday trading, gaining 0.5%.

APRN remains a Zacks Rank #3 (Hold), with a VGM score of ‘D.’

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Amazon.com, Inc. (AMZN): Free Stock Analysis Report

Snap Inc. (SNAP): Free Stock Analysis Report

Sprouts Farmers Market, Inc. (SFM): Free Stock Analysis Report

Whole Foods Market, Inc. (WFM): Free Stock Analysis Report

BLUE APRON HLDG (APRN): Free Stock Analysis Report

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Zacks Investment Research

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