Investing.com - Blue Apron Holdings Inc 's (NYSE:APRN) shares were trekking higher on Monday, with investors scaling back some of their bearish bets as Jana Partners disclosed in a regulatory filing that it has acquired a 2% stake in the company.
Blue Apron’s shares plunged 12.4% last week when the company released its first quarterly earnings since going public. The company’s quarterly results missed expectations and in the aftermath analysts downgraded the stock.
Blue Apron made its trading debut in June at $10 per share. Shares fell as low as $5.00 last week. Monday afternoon shares were up 3.2% at $5.28 apiece.
Recently, Jana Partners has made pretty good calls in the grocery/foods business. Jana took a stake in Whole Foods Market (NASDAQ:WFM) when the grocer was struggling to meet earnings expectations and shrug off its “Whole Paycheck” image. Then, as Amazon (NASDAQ:AMZN) announced it would purchase Whole Foods, Jana made a $300 million windfall.