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APRN

Blue Apron

$5.30

-0.08 (-1.49%)

17:06
10/18/17
10/18
17:06
10/18/17
17:06

Blue Apron to cut roughly 6% of total workforce, inclur roughly $3.5M in expense

Blue Apron said in a regulatory filing that, on October 18, it implemented a company-wide realignment of personnel to support its strategic priorities. This realignment resulted in a reduction of approximately 6% of the company's total workforce across both the company's corporate offices and fulfillment centers. As a result of the realignment, the company expects to incur approximately $3.5M in employee-related expenses, primarily consisting of severance payments, substantially all of which will result in cash expenditures. The company expects to incur such expenses during the fourth quarter of 2017.

  • 02

    Nov

APRN Blue Apron
$5.30

-0.08 (-1.49%)

09/25/17
GUGG
09/25/17
INITIATION
Target $9
GUGG
Buy
Blue Apron initiated with a Buy at Guggenheim
Guggenheim analyst Matthew Difrisco initiated Blue Apron with a Buy and a $9 price target.
09/14/17
ADAM
09/14/17
NO CHANGE
Target $11
ADAM
Buy
Blue Apron remains optimistic about long-term opportunities, says Canaccord
Canaccord analyst Michael Graham noted Blue Apron CEO Matt Salzberg gave an interview in which he said management remains optimistic about the large opportunity in experiential at-home cooking and believes the company can be the leading brand to offer attractive products. The analyst views the current headwinds as temporary and management's commentary reinforces his view the company is working through the issues at a good pace that could largely complete the transition by year end. Graham reiterated his Buy rating and $11 price target on Blue Apron shares.
08/18/17
08/18/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Blue Apron (APRN) downgraded to Hold from Buy at Stifel WITH analyst Scott Devitt saying Blue Apron is facing challenges with the transition to its new fulfillment center in Linden, NJ while at the same time dealing with lower fulfillment efficiency/accuracy stemming from its recent broader product expansion. 2. PNM Resources (PNM) was downgraded to Sector Perform from Outperform at RBC Capital and to Neutral from Buy at Ladenburg. 3. Deere (DE) downgraded to Neutral from Outperform at Baird with analyst Mig Dobre citing third quarter results which were below his expectations as the pace of margin improvement lagged his forecast. 4. Foot Locker (FL) downgraded to Market Perform from Outperform at Telsey Advisory. 5. Brunswick (BC) downgraded to Neutral from Outperform at Wedbush with analyst James Hardiman citing July SSI data that was significantly worse than expected, which showed just 2% growth for the industry and a 3% decline for the company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/18/17
STFL
08/18/17
DOWNGRADE
Target $6
STFL
Hold
Blue Apron downgraded to Hold from Buy at Stifel
Stifle analyst Scott Devitt downgraded Blue Apron to Hold and cut its price target to $6 from $8 following a further review of last weeks Q2 report. The analyst said Blue Apron is facing challenges with the transition to its new fulfillment center in Linden, NJ while at the same time dealing with lower fulfillment efficiency/accuracy stemming from its recent broader product expansion. Devitt views current visibility as low into the timing and path to a correction and believes improvement on both initiatives could take several quarters.

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