APRN - Blue Apron Excelled In 2020 But Can It Last?

• Shares of Blue Apron have crumbled ~50% from all-time highs as investors look forward to the reopening of the U.S. economy.
• Blue Apron has been growing revenue at a ~20% y/y pace amid a pickup in demand for at-home meals in 2020.
• Orders and customer counts, however, have been peeling downward as time moves on.
• Blue Apron expects to still grow at a double-digit pace in 2021, which may be difficult to do after comping a tough 2020.
• Liquidity also remains limited, and with share prices depressed, it may be difficult for Blue Apron to raise sufficient capital.

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