In the latest Blue Apron news (NYSE:APRN), the company’s stock has been surging on Tuesday following an update regarding its projected guidance for its fiscal 2019.
The meal-kit service provider announced that it believes that it will be profitable in the fiscal year. The news was a welcome boon to APRN stock, which had fallen below a price of $1 per share recently, selling at 65 cents per share at one point–the stock may have been in trouble of being delisted from the New York Stock Exchange if it remained under $1 a share for 30 days.
However, Blue Apron shares climbed back to above $1 per share, trading for about $1.40 per share at the moment, as the company said that when it reports its earnings on Jan. 31, it plans on unveiling figures that are on track with its goal of being profitable during the first quarter of its fiscal 2019 and during the full year.
The meal-kit service provider’s recent troubles that caused its share price to declined were countered by the company with several healthy partnerships, including one with Weight Watchers, which lead to a “favorable consumer response” from the partnership, Blue Apron added.
However, it remains to be seen if this surge is to last for the company as more meal-kit services keep popping up, diluting the market for Blue Apron.
APRN stock is surging a whopping 34.6% on Tuesday following the company’s encouraging guidance for its fiscal 2019.