Shares of Blue Apron (APRN) - Get Report went cold on Wednesday, snapping a seven-day winning streak, as investors re-assessed whether the home meal-kit provider will be able to serve up positive results for the current quarter.
Shares of Blue Apron were down nearly 7% at $9.62 in trading Wednesday, reversing double-digit percentage gains clocked late last week that appeared to be driven by a confluence of factors, including the announcement of an expanded leadership team and general optimism that the company will continue to hold its own in the competitive pre-prepared meal market.
Analysts surveyed by FactSet have a median 12-month target of $8 for the stock, with a high estimate of $11 and a low estimate of $6. For the company's upcoming quarter, analysts are forecasting a per-share loss of $1.95 on sales of $106.9 million. That compares with a year-earlier loss of 59 cents a share on sales of $119.1 million.
The company will release its third-quarter results in early November.
At least one side-dish the company is counting on to entice subscribers and boost growth is its relationship with plant-based meat provider Beyond Meat (BYND) - Get Report . Blue Apron last month began offering Beyond Meat patties as part of its curated boxed-food deliveries.
Shares of Beyond Meat were down 0.65% at $159.28.