Royal Bank Of Canada Lowers Blue Apron (APRN) to Sector Perform

Blue Apron (NYSE:APRN) was downgraded by Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Friday. They currently have a $4.00 price objective on the stock, down from their previous price objective of $6.00. Royal Bank Of Canada’s target price indicates a potential upside of 33.78% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Barclays cut shares of Blue Apron from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $5.00 to $3.00 in a research report on Friday, November 3rd. Oppenheimer reissued a “market perform” rating on shares of Blue Apron in a research report on Monday, August 21st. Needham & Company LLC reissued a “buy” rating and set a $6.50 target price (down from $10.00) on shares of Blue Apron in a research report on Friday, August 11th. Stifel Nicolaus reissued a “buy” rating and set a $8.00 target price (down from $10.00) on shares of Blue Apron in a research report on Friday, August 11th. Finally, Citigroup cut shares of Blue Apron from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $10.00 to $5.50 in a research report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. Blue Apron currently has an average rating of “Hold” and a consensus price target of $6.96.

Blue Apron (NYSE:APRN) remained flat at $$2.99 during midday trading on Friday. The company’s stock had a trading volume of 1,056,600 shares, compared to its average volume of 3,040,868. Blue Apron has a 1 year low of $2.94 and a 1 year high of $11.00. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.73 and a current ratio of 3.15.

Blue Apron (NYSE:APRN) last posted its earnings results on Thursday, November 2nd. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.04). The firm had revenue of $210.60 million for the quarter, compared to analyst estimates of $191.47 million. During the same quarter in the prior year, the firm posted ($0.56) earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. research analysts anticipate that Blue Apron will post -1.66 EPS for the current year.

In related news, major shareholder First Round Capital Iv Partner sold 110,482 shares of Blue Apron stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $3.07, for a total value of $339,179.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder First Round Capital Iv, L.P. sold 77,647 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $3.13, for a total transaction of $243,035.11. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,010,459 shares of company stock valued at $6,446,924.

A number of hedge funds have recently added to or reduced their stakes in APRN. Russell Investments Group Ltd. bought a new stake in Blue Apron during the second quarter valued at $464,000. DekaBank Deutsche Girozentrale bought a new stake in Blue Apron during the second quarter valued at $220,000. Obermeyer Wood Investment Counsel Lllp bought a new stake in Blue Apron during the second quarter valued at $110,000. LMR Partners LLP bought a new stake in Blue Apron during the second quarter valued at $2,195,000. Finally, SG Americas Securities LLC bought a new stake in Blue Apron during the second quarter valued at $264,000. Hedge funds and other institutional investors own 58.35% of the company’s stock.

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About Blue Apron

Blue Apron Holdings, Inc is a holding company. The Company is focused on providing recipes and fresh ingredients for making home cooking accessible. The Company offers under a novel business model in which it source, process, store and package meal ingredients and ship them directly to consumers. The Company’s core products include Meals and Wine.

Analyst Recommendations for Blue Apron (NYSE:APRN)

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