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Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. Information on these pages contains forward-looking statements that involve risks and uncertainties. Longer-term bullish price targets come at prior resistance levels from the chart at $8.50 and then at $12.50. A further sell-off could take it back to the 50-day moving average, now at $3.67. Otherwise, without a retest and overtaking of the $7 level, APRN is likely to end its run and drop to support at the recent swing low near $4.76. This area is the first to beat in order to keep the rally going. This is not too far from the $7 resistance level that stopped APRN in its tracks back in February. On August 17 and again on Monday Blue Apron stock appears to have given up around $6.85. Hurting the short-sellers, however, is the name of the game in the meme world, and this particular meme stock looks to be outlasting its cohort. Blue Apron reported customers down 7% YoY and orders off 14% YoY, clear signs that the business was flailing. Poor earnings on August 8 made the short strategy even more sensible.
Part of the reason for the excitement is that Blue Apron ended July with nearly a quarter of its float sold short. APRN shares gained more than 26% on Monday. The stock is up 104% over the past month, and most of that advance has taken place since August 9.īlue Apron appears to be hanging on from the meme stock rally of the past month, although it appears to have witnessed its largest gains just as other meme stocks like AMC Entertainment (AMC) and Bed Bath & Beyond met their demise during the previous week.
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