In early Monday trades, Blue Apron shares plunged as low as $6.51, off more than 11 percent from Friday's close and almost 33 percent below their June 29 IPO price of $10 on the New York Stock Exchange.
Blue Apron holds the title as the largest meal-kit provider in the US, followed by German-based HelloFresh. The stock opened for trading at $10 per share on June 29. Just last week, the stock closed at a new low after an analyst slapped Blue Apron with a $2 price target, citing difficulty with the business ever becoming profitable.
While Blue Apron is perhaps the most extreme example, its plight highlights the unfortunate reality facing many companies in the retail industry: Amazon is coming, and there's nowhere to hide.
Any Amazon meal kits to come in the future will likely be sold through Amazon Fresh, the company's online grocery ordering and delivery service. Amazon already offers meal kits, such as one from Sequential Brands Group Inc.'s Martha Stewart brand.
Capita Plc (NASDAQ:CTAGY) Upgraded at HSBC Holdings plc
Finally, Two Sigma Securities LLC acquired a new position in shares of HSBC Holdings PLC during the first quarter worth $265,000. The value of the total investment in HSBC Holdings, plc. went from $6,000 to $49,000 a change of $43,000 quarter over quarter.