Blue Apron Holdings Inc. (NYSE: APRN) shares bounced early on Monday after the firm announced a critical partnership with renowned e-retailer Jet. The companies are joining together to offer Blue Apron’s meal kits for purchase on Jet’s online and mobile platforms.
The announcement comes on the heels of Jet’s new relaunch, providing consumers with a tailored experience, unique assortment and differentiated service.
As part of the relaunch, Jet introduced its new City Grocery experience, which offers consumers in most of New York City three-hour scheduled delivery windows for groceries, everyday essentials and other select merchandise. With this new delivery option, consumers will have the ability to order and receive a selection of Blue Apron meal kits on demand.
Brad Dickerson, Blue Apron CEO, commented:
Teaming up with Jet enables us to dynamically serve the lifestyle of metropolitan consumers, who will now be able to conveniently fill up their online shopping carts with high quality Blue Apron meals that can be cooked in 30 minutes or less while shopping for other everyday needs. This exciting launch is another step forward in our channel expansion strategy and reflects the strength of the capabilities we are developing to readily support a variety of opportunities to broaden our access to consumers.
Excluding Monday’s move, Blue Apron has underperformed the broad markets, with its stock down 77% in the past 52 weeks. In just 2018 alone, the stock is down 72%.
Shares of Blue Apron closed Friday at $1.14, with a consensus analyst price target of $2.71 and a 52-week range of $1.02 to $5.18. Following the announcement, the stock was up over 18% at $1.35 in early trading indications Monday.