Shares of meal-kit company Blue Apron Inc. rallied Tuesday, after the company said it would start adding Beyond Meat Inc.’s plant-based proteins to its menus starting in August, sparking a round of short covering.
Short interest in Blue Apron has increased 117% in 2019, according to financial analytics firm S3 Partners, as the stock has tumbled. In July, the number of shares shorted declined by 132,000 as traders covered some of those positions as the stock rose 13% following the reverse split. Blue Apron has struggled ever since its IPO in mid-2017, hit by competitive pressures, a shrinking customer base and failed partnerships, including a deal to sell its meal kits at wholesale giant Costco Wholesale Corp. COST, +0.04%
Has anyone taken a whiff of an actual Beyond Burger patty? I have, and that’s the last time I will be buying it. Investors should understand the Beyond products before buying the stock. I am all for meat replacement, however more work needs to be done with these products.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: EW - 🏆 713. / 51 Read more »