|Snap and Blue Apron shares continued to fall on Tuesday, as investors grew increasingly skeptical about two stocks that were expected to be among the year’s most successful IPOs. The shares instead have gone into steady downward slides. Blue Apron, which delivers fresh ingredients for home cooks, fell as low as $7.08 on Tuesday after its stock launched at $10 a share on June 28, less than two-thirds of its initial target price. Shares of Snap, the parent of popular messaging app Snapchat, have fallen by 47 percent from the stock’s intraday high on the day of its initial public offering. Snap went from its IPO price of $17 to $29.44 at its high point on its first day, but declined in later days and closed at $15.47 on Tuesday. Both companies have sparked concerns over whether their financial health and growth prospects justified their lofty valuations.
Source: Bloomberg, Reuters