Blue Apron hits an all-time low at $1.81 a share




Shares of Blue Apron dipped to an all-time low, hitting $US1.81 per share on Tuesday.

Though shares of the meal-kit subscription company followed a broader market decline, the company has faced increasing pressures from competition, such as HelloFresh, and big players like Walmart and Amazon entering its space. In March, Walmart announced it was launching its own line of meal kits.

It’s initial public offering price was $US10 per share, and it has not reached that price since. Amazon announced its acquisition of Whole Foods shortly before Blue Apron’s IPO.

The company has struggled to attract new customers and retain old ones since going public last June. The meal-kit subscription service reported its number of subscribers fell to 746,000 during the fourth quarter, well below the 856,000 customers it had in the previous quarter.

Moreover, the company has been weighed down by operating costs due to troubles with its distribution centres, which caused it to reduce its marketing efforts.

The company has recently announced an effort to sell its meal kits in grocery stores, which did little to buoy the stock.

Blue Apron’s stock was trading at $US1.83 per share as of 1:10 p.m. Eastern time on Tuesday. It was down 55.6% for the year.

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