Will Blue Apron’s rebound continue?

Cooking kit delivery company Blue Apron traded up 3.5% on the stock market Monday, erasing some of the losses from its first two days as a public company. Shares closed at $9.67, which was still beneath last week’s $10 IPO price.

This is in contrast to a lot of public debuts, where companies are typically in the green for the first day “pop.” It’s the subsequent days or weeks where things can get tougher.

But perhaps a stronger close on Monday was a sign that investors think the market was too tough on Blue Apron. Or perhaps it was just a fluke.

So far, investor reaction has been mixed. On the plus side, Blue Apron popularized a category with enormous market opportunity. Everybody eats, after all.

The five-year-old company also reached nearly $800 million in annual revenue last year, impressive for a young business. Last year’s losses of $54.9 million seem small by comparison.

However, some investors predict that Amazon’s purchase of Whole Foods could spell bad news for Blue Apron. It’s likely that Amazon will amplify its food delivery business, but it’s not clear whether or not they will replicate the cooking kits.

Regardless, there are lots of competitors. HelloFresh, Plated and Sun Basket are some of the most popular ones. Some options are more affordable or have more variety.

There have also been reports that Blue Apron has significant churn. Many customers are leaving the service after the first six months.

The first few days of a stock’s performance are often quite volatile as the market tries to determine how to value the company. While Blue Apron’s market cap is currently beneath the $2 billion valuation the company last raised capital at, a strong first earnings report in the coming months could help with momentum.

June was slow for tech IPOs and July is expected to be as well. Redfin, which unveiled its IPO filing on Friday, is likely to debut towards the end of the month.