Blue Apron plans to transfer its operational infrastructure to FreshRealm
The shares of Blue Apron Holdings Inc (NYSE:APRN) are on the rise, after news the meal-kit delivery name plans to transfer its operational infrastructure to FreshRealm. The company signed a non-binding letter of intent for up to $50 million, and intends to sign definitive agreements in June.
At last glance, APRN was up 7.3% at 50 cents. The shares just hit a May 9 record low of 42 cents, having spent all of 2023 so far firmly in penny stock territory. Year-to-date, the equity is down roughly 35%.
It's worth noting that short interest makes up 13.6% of the stock's available float. It would take three days for shorts to cover their bets, at APRN's average pace of trading.
Of the three analysts in coverage, one carries a "strong buy" rating, with two say "hold" or worse. The 12-month consensus price target of $3.17 is a massive 454.2% premium to current levels.