Blue Apron is among the worst-performing IPOs year-to-date — and it's only been one week.
That's according to Kathleen Smith, principal at Renaissance Capital, a manager of IPO-focused ETFs.
"The trading on this has been just awful," Smith said. "Some of it is the Amazon fear but that's not the only thing. Some of it is the IPO market itself. Investors are jumpy around valuation."
The "Amazon fear" stems from a merger between Amazon and Whole Foods, announced just ahead of Blue Apron's public offering. The e-commerce giant beat out six other interested parties to buy the natural grocer, according to new details revealed in a proxy statement filed with the Securities and Exchange Commission.
Blue Apron, which delivers fresh ingredients for recipes, has been battling the headlines ever since, said David Seaburg, head of sales trading at Cowen and CNBC contributor.
"Although it's a neat concept, the dominant players within the space will compete at a level that won't allow Blue Apron to be successful long term," Seaburg said. "It's all about scale, it's all about relevance. You look at Kroger, Whole Foods and Amazon. They can take this section of the market over from a price perspective alone in a very short period of time."