Blue Apron pops as a hedge fund which made $300 million on Whole Foods discloses an investment

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Blue Apron

Blue Apron’s stock price is on the rise after Jana Partners announced it invested in the company.

The fund, known for its activist investing, disclosed Monday that it had a 2% stake in the meal delivery company at the end of the second quarter. The shares Jana acquired are worth about $5.6 million, according to an SEC filing.

Blue Apron rose 4.30% after the news.

Jana also announced it still held about 23.3 million shares of Whole Foods at the end of the second quarter. The investment earned the firm $300 million when the upscale grocer announced its sale to Amazon. Jana encouraged Whole Foods to seek a seller and got its wish in a matter of months.

Jana also disclosed it had acquired 593,097 shares in Sprouts Farmers Market, another grocer, worth about $13.45 million. The SEC filings represent second quarter holdings by Jana, so the firm’s positions could have changed since the end of the quarter.

Blue Apron has been sliding since its initial public offering. The company went public in the shadow of the Amazon-Whole Foods deal and has struggled to prove its value to investors since. Amazon has recently started offering limited runs of similar meal delivery kits on its site.

Blue Apron is down 46.69% since its IPO at $10.00.

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Blue apron stock price

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Markets Insider