What happened
Shares of fresh-food delivery company Blue Apron (APRN) fell as much as 17% on Tuesday. The stock is down about 15% at the time of this writing.
It's not clear exactly what's causing the large sell-off. But Blue Apron CEO Matt Salzberg and CFO Brad Dickerson notably participated in the RBC Capital Markets 2017 Technology, Internet, Media, and Telecommunications Conference in New York on Tuesday morning, so the stock's pullback could reflect reactions to management commentary during the event.
Image source: Getty Images.
In addition, an analyst at Needham lowered his price target for Apron from $6.50 to $5 on Monday, according to Daily Stock Trader (via Cision PR Newswire). But Needham maintained a buy rating for the stock.
So what
Blue Apron stock's decline on Tuesday adds to a recent bearish decline for the stock. Shares are down about 67% year to date, and more than 30% in the last five days alone. Tuesday's sell-off could simply be an extension of this downward trend.
Now what
Blue Apron says it will post a replay of its participation in RBC Capital Markets' conference on its investor relations website. Blue Apron shareholders may want to review the presentation for any possible insights.
