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Here's Why Blue Apron (APRN) Stock Jumped Today

Shares of Blue Apron APRN rose 5% in midday trading on Monday after Jana Partners revealed in a 13F filing that it owns a 2% stake in the meal-kit company, worth about $5.6 million.

The hedge fund, run by Barry Rosenstein, has previous experience in the grocery sector. Jana Partners reaped $300 million after selling its stake in Whole Foods Market WFM when the company was acquired by Amazon.com AMZN this past June. 

Blue Apron has been struggling since its recent IPO. Last week, it fell to an all-time low of $5.00 per share after reporting worse-than-expected earnings. The company reported losing 47 cents per share, far below the Zacks Consensus Estimate of a loss of 30 cents per share.

However, while Jana Partners invested in Blue Apron this past quarter, the fund exited its stake in Snap SNAP. Snap is another stock that has been struggling after its IPO this year, suggesting that Jana Partners sees a brighter future for Blue Apron than the tech company (also read: Blue Apron vs. Snap: Which IPO Has Been Worse So Far?).

Jana Partners also disclosed a 593,097 share stake in the grocer Sprouts Farmers Market SFM, which is worth $13.45 million. Shares of the grocer also rose in midday trading, gaining 0.5%.

APRN remains a Zacks Rank #3 (Hold), with a VGM score of ‘D.’

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Amazon.com, Inc. (AMZN): Free Stock Analysis Report
 
Snap Inc. (SNAP): Free Stock Analysis Report
 
Sprouts Farmers Market, Inc. (SFM): Free Stock Analysis Report
 
Whole Foods Market, Inc. (WFM): Free Stock Analysis Report
 
BLUE APRON HLDG (APRN): Free Stock Analysis Report
 
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