APRN Stock Alert: Short Squeeze Takes Blue Apron Back Above $1 thumbnail

APRN Stock Alert: Short Squeeze Takes Blue Apron Back Above $1

Posted on

Image of the Blue Apron (APRN Stock) logo on one of the company's branded cardboard boxes used for its deliveries. It features several images of vegetables and kitchen tools on the side, next to the logo.

Source: Roman Tiraspolsky / Shutterstock.com

Blue Apron (NYSE:APRN) stock has investors excited on Friday as the company’s shares increased above $1 each.

That’s a big deal as Blue Apron stock was previously below the minimum requirement of $1 per share to remain on the New York Stock Exchange. In fact, the company had already received a delisting notice for the NYSE in December 2022.

To go along with that, the increase in price for APRN stock has also brought its market capitalization above the $50 million mark. That’s another requirement the company needed to meet to remain listed on the NYSE.

It’s worth noting that this doesn’t mean APRN stock will regain NYSE compliance. The company’s shares have to trade above the $1 minimum at close 30 trading days before it regains compliance.

What’s Behind Today’s APRN Stock Gains?

It looks like a short squeeze is responsible for the increasing price of APRN stock. Evidence supporting this is the 38 million shares that have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 4.6 million shares.

In addition to that, we know that APRN stock has a high short interest. According to Fintel, the short interest of the stock is sitting at 45.3% today. That’s plenty high enough to suggest that a short squeeze is behind today’s gains.

APRN stock is up 14.2% as of Friday afternoon.

Investors can find more of the latest stock market news for today below!

We’ve got all of the most recent stock coverage traders need to know about on Friday! A few examples include what’s going on with shares of American Virtual Cloud Technologies (NASDAQ:AVCT), Hexo (NASDAQ:HEXO), and Jasper Therapeutics (NASDAQ:JSPR) stock today. You can find out more at the following links!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that  InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More:Penny Stocks — How to Profit Without Getting Scammed