Blue Apron Holdings Inc (NYSE:APRN) stock was flying high today following an upgrade from Barclays.
Barclays analyst Ross Sandler upgraded APRN stock from a rating of “Underweight” to a rating of “Equal Weight” on Monday. He also provided a new price target of $4 for APRN stock. This is positive news for Blue Apron Holdings Inc as its stock closed at $3.23 on Friday.
Sandler says that it sees Blue Apron Holdings Inc reaching a stabilization point. It also notes that Brad Dickerson taking over as the company’s CEO is a plus for APRN stock. The firm says that the company’s claims that margin’s are up in the fourth quarter from the third is another a good sign.
The more positive outlook for Blue Apron Holdings Inc stock is much better than the previous troubles that have been hounding investors. This includes the massive drop to APRN stock’s price since its IPO earlier this year, which was priced at $10, reports CNBC.
Blue Apron Holdings Inc stock also didn’t get any help from its most recent earnings report. On top of this, it is facing pressure from rivals such as Amazon.com, Inc. (NASDAQ:AMZN) and HelloFresh. There are also now grocery chains packing their own meals, which is another negative for the company.
Another recent bright spot for APRN stock was the naming of its new CEO, Brad Dickerson. Blue Apron Holdings Inc announced on Friday that Dickerson was taking over as CEO and its stock was up as a result.
APRN stock was up 22% as of Monday afternoon, but is down 67% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.