Shares of Blue Apron Inc. fell as much as 2.7% in morning trade Friday to an intraday low of $5.00, which was exactly half the meal-kit company’s IPO price, before paring some gains. The company, which went public on June 29, reported Thursday second-quarter revenue that beat expectations but also a wider-than-expected loss and delays at a New Jersey factory. SunTrust analysts followed by downgrading Blue Apron to hold from buy, and Oppenheimer’s Jason Helfstein cut his rating to perform from outperform, saying the company’s story “shifts from growth to capital preservation.” The stock was now down 1.4% at $5.07, and has lost 49% since it closed at its IPO price on the first day of trade. Over the same time, the S&P 500 has gained 1.1%.
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