Can Blue Apron Stock Keep Going After Last Week's 19% Pop?
One of this year's worst IPOs was one of last week's biggest winners. Shares of Blue Apron (NYSE: APRN) rose 18.9% for the week, moving higher on an analyst upgrade following the news near the end of the prior week that co-founder Matt Salzberg was stepping down. The stock has moved 28.4% higher over the past six trading days.
The rally has come as a relief to investors, but the stock is still far from eradicating its status as a broken IPO. Even after the recent surge, shares of the gourmet meal-kit provider find themselves trading 61.6% lower than the June IPO price of $10. Last week's upticks are welcome, but Blue Apron remains in Wall Street's dog house.
Image source: Blue Apron.
Source: Fool.com
