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Blue Apron Plummets After Amazon Files for Meal-Kit Trademark

17 Juillet 2017

It may be some time before we see Amazon-branded meal kits online, but the competition is already feeling the heat.

Amazon is clobbering Blue Apron's stock again.

Blue Apron Holdings Inc. dropped as much as 12 percent after Amazon.com Inc. filed a trademark application for prepared food kits, the latest sign that investors are concerned about newly public Blue Apron's prospects. "You be the chef".

The meal-kit market is small but expanding, and it may be hard for companies like Blue Apron to compete in a world where Amazon and other grocery giants offer their own prepackaged, ready-to-cook ingredient boxes.

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In early Monday trades, Blue Apron shares plunged as low as $6.51, off more than 11 percent from Friday's close and almost 33 percent below their June 29 IPO price of $10 on the New York Stock Exchange. Blue Apron is structured as a subscription service in which users get a set number of meal kit boxes per week, whereas meal kits on Amazon Fresh appear to be one-off purchases.

Representatives from Amazon and Blue Apron didn't immediately respond to CNBC's request for comment.

Blue Apron's current price, however, looks downright bullish compared with the $2-a-share price target it received from Northcoast Research, the first Wall Street firm to weigh in on the company. The stock opened for trading at $10 per share on June 29.

On Monday morning, Blue Apron's stock was falling more than 7 percent, hitting an all-time-low and dropping below the $7 mark. Amazon already offers meal kits, such as one from Sequential Brands Group Inc.'s Martha Stewart brand.

Blue Apron Plummets After Amazon Files for Meal-Kit Trademark