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APRN - Why Blue Apron Stock Popped and Then Dropped Today
Blue Apron Holdings Inc. Class A
Shares of Blue Apron (NYSE: APRN), the meal kit service that turned into a busted IPO, have been making an incredible rally in recent days, as demand for its meal kits seems to be climbing while there's been a run on food at grocery stores across the country. That also seemed to lead to a short squeeze; close to 50% of the stock was bet against as of the end of February.
From its closing price last Friday to its peak, the stock jumped a whopping 1,164%. Today, it had gained as much as 77% this morning...before crashing. As of 2:15 p.m. EDT, the stock was down 20.6%.