Blue Apron (NYSE:APRN) stock has apparently entered meme status, with shares up more than 80% in the past month. No company-specific news explains this recent price action. Blue Apron operates as a home meal company that provides busy customers with meal kits that can be quickly and easily prepared. On Stocktwits, mentions of the APRN ticker are up more than 20% as some traders call for a short squeeze.
As of the end of July, 4.12 million shares of APRN stock were sold short, which is equivalent to a dollar value of $12.4 million. The number of shares sold short would take 1.9 days to fully cover. Meanwhile, the short interest as a percentage of the public float is 23%. That figure is high enough to drive a significant short squeeze.
Blue Apron reported its second-quarter earnings on Aug. 8. For the period, net revenue tallied in at $124.2 million, up 6% sequentially. Further, average revenue per customer came to $328, slightly down from $330 the same time last year. Meanwhile, the average order value was $67.14, a “record high for the company” and up 7.1% year-over-year (YOY).
During the quarter, Blue Apron also raised $20.5 million in equity and entered into a $30 million debt agreement. In addition, the company expects to receive $50 million from a private placement with RJB Partners by Aug. 31. RJB is an affiliate of Joseph Sanberg, the largest shareholder of APRN stock.
With that in mind, let’s take a look at who else is betting big on Blue Apron.
5 Investors Betting Big on APRN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and price support for stocks. During Q2, 65 funds reported holding shares, a decline of 8 funds from the previous quarter. However, the institutional put/call ratio sits at 0.49, up from 0.27 during Q1. This means that more funds own call options against the company than put options by a wide margin. So, who’s betting big on APRN stock?
- Joseph Sanberg: 27.62 million shares. Sanberg purchased 8.33 million shares during Q2.
- DPH Holdings: 3 million shares. DPH’s position is accurate as of Q4 2021.
- Wolf Hill Capital Management: 2.25 million shares. Wolf Hill sold 911,932 shares during Q2.
- Barry Salzberg, former Director: 1.88 million shares. Salzberg’s position is accurate as of Q3 2021.
- Matthew Salzberg, former Director and co-founder: 1.73 million shares. Salzberg’s position is accurate as of Q4 2021.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
