Why Blue Apron Is Falling 4% Today
Shares of Blue Apron (NYSE: APRN) were down 4% in afternoon trading Thursday, continuing to drop after the meal kit maker yesterday priced a stock offering of 4.7 million shares at $4.25, a 23% discount to the $5.53 per share level it closed at on Tuesday.
Blue Apron is attempting to benefit from the minor rally its stock was enjoying. Shares had risen 50% from around $4 a stub in early May. It's still well below the $15 price they hit during the meme stock craze in January, but the bump in the stock apparently caused management to try to scrounge up $20 million in proceeds.
Image source: Blue Apron.
Source Fool.com
