Less than one month after making millions on its investment in Whole Foods Market Inc., activist hedge fund JANA Partners LLC has taken a stake in Blue Apron Holdings Inc.
In a filing with the SEC dated Aug. 14, the fund said it owned 600,000 shares of the meal kit maker at the end of the fiscal second quarter ended June 30, worth a total of about $5.6 million.
JANA's disclosure comes less than a week after Blue Apron reported that revenue in the second half of its 2017 fiscal year would be significantly lower than in the first half. During its debut quarterly presentation to analysts, company executives said delays at a new facility in New Jersey were holding back the company's growth.
Blue Apron has struggled to become profitable since its initial public offering in June, and its share price has fallen to nearly half of the $10 to $11 range where it began trading after the IPO.
Shares of the company rose 4.30% to close at $5.34 on Aug. 14.
In July, JANA sold more than 26 million shares of Whole Foods, about a month after Amazon.com Inc. announced its plans to purchase the grocer for $13.7 billion. The fund, which had been lobbying for changes at the company, realized a profit as shares traded at about $41, higher than the roughly $34 they had been selling for when JANA disclosed its stake in Whole Foods in April.