As we posited yesterday, Blue Apron's stock "performance" makes one wonder why the company ever wanted to go public and why anyone agreed to underwrite it.
The recipe-in-a-box startup failed to show adequate signs of life in its first quarter and even reported a very nettlesome operations problem. Shares of APRN have fallen as dar as 20% since the results came out yesterday morning and now even Blue Apron's underwriters are admitting that they might have missed something during the IPO journey.
“We were clearly wrong in our estimate of the logistical challenges of this transition and its ability to reaccelerate customer growth and engagement,” Goldman Sachs analyst Heath Terry said in a note to clients Thursday that downgraded his rating on Blue Apron stock to the equivalent of a hold.
Even Jeff Bezos thinks this is getting sad.
Blue Apron Flop Has Goldman Eating Its Words [Bloomberg]