Blue Apron’s stock is trading under $1 per share again
Blue Apron’s (APRN) stock continues to fall. The stock fell 3.35% on Wednesday, March 27, and is now trading below $1, at $0.93 per share. The stock now runs the risk of being delisted, as it is trading below $1 per share.
The stock has declined a worrying 90.7% from its IPO price of $10 per share, as the company continues to face stiff competition from the likes of HelloFresh, and is failing to retain customers. In the fourth quarter of 2018, the meal kit company had only 557 thousand subscribers worldwide, nearly half of the 1.04 million subscribers it boasted in the first quarter of 2017.
Declining customer base is hurting Blue Apron
As a result, Blue Apron’s quarterly revenues have been consistently shrinking both sequentially and on a YoY basis. In the fourth quarter of 2018, Blue Apron managed to generate only $140.73 million in revenue, a 25% YoY decline.
Back in January, the stock surged 45% to $1.51 per share when the company disclosed that it expects to be positive on an EBITDA basis in the first quarter as well as for the whole year. However, since then, the stock has lost all its gains.