APRN - Blue Apron: Going Back Into The Dumpster

• Blue Apron's temporary pandemic-boosted surge seems to be over. Shares have nearly sliced in half since the start of the year.
• A recent secondary offering priced at $4.25 is also dampening sentiment.
• The company will raise $20 million in gross proceeds from this sale, a necessary boost to a thin balance sheet.
• However, for a company with a <$100 million market cap, this move will be extremely dilutive.
• Fundamentally, comps will get much tougher heading into Q2 and Q3, plus unknown consumer buying trends post-pandemic.

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