Blue Apron raises capital to fuel its growth strategy. Its share price shot up by 17% yesterday as it filed a registration statement with the SEC to raise $45 million via equity offering.
The pandemic has led to massive profitability for meal kit delivery companies. As people switched from in-person shopping and eating out to takeaway and home-cooked meals, this industry has been flourishing. Blue Apron was founded in 2012, but its share price performance has been in a continuous downtrend. Yet, it seems that the management has strong plans to turn everything around.
If you want to find out more about Blue Apron and its growth strategy, keep reading. Let’s start with where you can buy its stock.
How & Where to Buy Blue Apron Stock Online
Blue Apron (NYSE: APRN) held its IPO in 2017. You can find its stock listed on most online brokers. To help you save time, we’ve picked the best ones right now:
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What Is Blue Apron?
Blue Apron is an American company headquartered in New York City. It provides meal kits with ingredients and recipes to its subscribers. Customers receive weekly boxes with everything they need to prepare simple, fresh meals at home. Since 2016, the company has delivered 8 million servings.
Should I Buy Blue Apron Today?
Blue Apron went public in 2017 – since then, its share price has decreased by 96.05%. It started to pick up during the pandemic, although this year, it remained bearish.
Yesterday, the company filed a registration statement with the SEC (Securities and Exchange Commission) to issue more shares in order to raise $45 million. It planned a $78 million capital raise, out of which $30 million is provided by RJB Partners LLC and $3 million provided by its co-founder, Matthew Salzberg.
Blue Apron intends to use the capital to fuel its growth strategy. Some of the objectives include increased working capital, strategies to obtain new customers, and many initiatives to develop its ESG program, such as new carbon neutrality targets. Finally, some of these funds will be used to increase wages and benefits, and further train its employees.
Blue Apron Price Prediction 2021
There is a bullish consensus on Blue Apron’s price estimates for the next year, fuelled by the capital injection to expand its operations and generate revenues.