(Bloomberg) -- Blue Apron shares rallied on Tuesday, jumping to their highest level since September as the troubled meal-kit delivery company extended an advance that has more than doubled its value since December.
Shares gained as much as 6.6 percent, or 10 cents, in their third straight daily gain. Since a record closing low of 66 cents on Dec. 21, the company has surged nearly 145 percent.
Much of the gains have come after Blue Apron said a recent partnership with WW, formerly known as Weight Watchers, had seen “higher-than-expected demand to date.” Subsequently, the company reported a fourth-quarter loss that was narrower than expected. The results prompted Goldman Sachs to raise its price target by 10 cents to $1.40, though the firm said a “high degree of execution uncertainty” remained around the stock.
Despite the recent gains, Blue Apron remains down nearly 60 percent from a recent peak in June. Currently, only one analyst has a buy rating on the stock, while 13 rate it a hold. The average price target is $1.54, or about 4 percent below current levels.
To contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Will Daley
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