Blue Apron is down 6.45% on Thursday and 18.1% in the week following its initial public offering.
It’s been a story of bad timing for Blue Apron. The company announced its IPO right before Amazon’s acquisition of Whole Foods, which many believe is the retail giant’s attempt to beef up its food delivery service.
After announcing an initial $US15 to $US17 range for its IPO, Blue Apron lowered that range to between $US10 and $US11. The company opened for trading at $US10 and ended its first day at $US10.01 after trading as high as $US11.
Blue Apron has closed higher in just one of its 5 trading days so far.
The other major IPO of 2017 has also been experiencing early woes. Snap’s share price hit its $US17 IPO price just a few months after going public and has been trading just above that level recently.
Blue Apron is currently trading at $US8.24.