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...
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%
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