The customer bleed continuesīlue Apron is focusing all of its efforts on cost-cutting and liquidity, in a struggle for mere survival (more on that next). In my view, investors are best off ignoring this year's phantom rally and remaining on the sidelines. It's unclear, however, how much of a lifeline this company has left.
Even Blue Apron ( NYSE: APRN), the original meal-kit company that has been struggling for years, managed to take advantage of the resurgence in risk-taking to shoot up ~60% since the start of the year and stave off a delisting from the NYSE (which requires the company to maintain a market cap of at least $50 million and a share price above $1). So far, the 2023 rebound rally has managed to lift up almost all small and mid-cap tech stocks, even those that seemed to be dangling on a lifeline.
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