Blue Apron Has Officially Become a Penny Stock

Shares of Blue Apron tanked to under $1 a share this week despite any remarkable news from the meal delivery kit company

This is the first time shares have slid under the $1 mark since the company had its IPO last year. Shares are now down over 90% compared to the stock’s IPO price of $10 last summer

It was on Tuesday that shares fell a little over 11% to 90 cents a share. Considering that the New York Stock Exchange does not allow stocks to trade below $1 for more than 30 days, things could get pretty bad for the company

It was in June of last year that the company had its IPO at $10 a share and was hoping to price as high as $17 a share. The company’s IPO is now the third-worst on U.S. exchanges in the last ten years according to Bloomberg

The stock has also fallen below the price targets set by analysts.
Blue Apron announced in November that it would be firing 4% of its staff

Disclaimer: We have no position in Blue Apron Holdings Inc. (NYSE: APRN) and have not been compensated for this article.