Blue Apron Stock Slides on CFO Resignation

The stock has had a strong quarter, though it's still sporting a 2022 deficit

Deputy Editor
Sep 30, 2022 at 10:44 AM
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Blue Apron Holdings Inc (NYSE:APRN) is down 6.5% to trade at $5.19 at last glance, after the meal delivery kit service's Chief Financial Officer (CFO) Randy Greben resigned after less than two years, effective Oct. 17. Greben accepted a position at another company, and Blue Apron appointed Mitchell Cohen as interim CFO until the role is filled. 

On the charts, though APRN is still down 20.8% since the start of the year, it has climbed 46.7% since the start of the quarter that is ending today. The stock recently bounced off its 100-day moving average at the $4 level, however, today's negative price action combined with yesterday's 10.5% drop has the equity on the short sell restricted (SSR) list. 

Analysts and options traders are bullish towards Blue Apron stock. All three analysts in coverage sport a "buy" or better rating, plus, the 12-month consensus price target of $9.25 is a roughly 71% premium to current levels. 

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 5.00 calls have been bought for every put in the last 10 weeks. Today, 7,605 calls have been exchanged so far, in comparison to 1,450 puts. The November 6 call is the most popular, with new positions being bought to open there. 




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