(Bloomberg) -- Blue Apron shares tumbled as much as 47%, its biggest intraday drop on record, after the meal-kit company struck a deal with Canaccord Genuity to sell up to $15 million of stock and reported third-quarter revenue that missed Wall Street estimates.
Shares were trading at $3.24 at midday in New York, adding to its nearly 50% drop so far this year. Short interest on the stock -- which tracks bets on the share price to fall -- climbed to $33 million, or 5.7 million shares shorted, close to its year-to-date high hit in February, according to data from S3 Partners.
Blue Apron shares have been under pressure this year, having lost some of the gains seen during the pandemic amid nationwide lockdowns. The company last week announced the resignation of Chief Financial Officer Randy Greben and on Monday said it expects third-quarter net revenue between $109 million and $112 million, below the average analyst estimate of $130 million, according to Bloomberg consensus estimates.
Read More: Blue Apron Plunges 25% on Revenue Miss, Funding Uncertainty
Sales were down primarily due to a change in timing of an anticipated bulk sale of about $15 million to an enterprise customer, the company said.
The distribution agreement comes as the firm noted that it was uncertain about the timing of a $56.5 million equity commitment from RJB and $12.9 million from a gift-card sponsorship deal it had struck earlier.
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