Why Blue Apron Is Falling 4% Today

Shares of Blue Apron (NYSE: APRN) were down 4% in afternoon trading Thursday, continuing to drop after the meal kit maker yesterday priced a stock offering of 4.7 million shares at $4.25, a 23% discount to the $5.53 per share level it closed at on Tuesday. Blue Apron is attempting to benefit from the minor rally its stock was enjoying. The company was on its heels prior to the COVID-19 pandemic striking, but with people forced to stay at home, having meal ingredients delivered to the door became a saving grace.