Blue Apron was started in 2010 as America's most aggressive “meal kit” startup. However, because of increased competition, especially by German firm Hello Fresh, the company continually lost market share. In 2017, the company was value peaked at $1.77 billion. Today, the company sits at a valuation of $141 million. It's lost 97% of its IPO value. The company is struggling!
Considering that it has never turned a profit and that its brand has been overshadowed by competition, why the hell did its stock price spike by over 12% in the past few hours?
APRN $4.10 (▲12.64%) Blue Apron Holdings Inc | Google Finance
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