Tuesday was another crushing day for Blue Apron on Wall Street.
Shares fell more than 12 percent, hitting a new closing low of $7.14 a share, just above the all-time intraday low of $7.08 a share. The move lower came after Northcoast Research released a note recommending clients sell the stock, placing the target price at $2 a share.
The note from analyst Chuck Cerankosky marked one of the first formal reactions to Blue Apron's June IPO from a Wall Street analyst. Shares have fallen more than 20 percent month to date, amid jitters surrounding the company's valuation and a merger between Amazon and Whole Foods.
"Our financial outlook for the company is one of continued losses," Cerankosky said. "Sales growth seems to be dependent at this time upon promotional discounts."