BloombergSen Inc. Sells 626,365 Shares of ThredUp Inc. $TDUP

Key Points

• BloombergSen Inc. reduced its stake in ThredUp Inc. by 49.3%, selling 626,365 shares in the second quarter, bringing its ownership to approximately 0.3% of its portfolio.
• Multiple research firms have recently upgraded their ratings and price targets for ThredUp, with Wells Fargo raising the target from $10.00 to $13.00, and the stock currently holding a consensus rating of "Buy".
• Insider activity has seen significant sell-offs, with Director Coretha M. Rushing and CFO Sean Sobers selling large amounts of ThredUp shares, representing notable decreases in their holdings.

BloombergSen Inc. trimmed its stake in ThredUp Inc. (NASDAQ:TDUP - Free Report) by 49.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 643,284 shares of the company's stock after selling 626,365 shares during the quarter. ThredUp makes up about 0.3% of BloombergSen Inc.'s portfolio, making the stock its 18th biggest holding. BloombergSen Inc. owned 0.54% of ThredUp worth $4,818,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. Kapitalo Investimentos Ltda bought a new position in ThredUp in the second quarter valued at approximately $96,000. Byrne Asset Management LLC acquired a new stake in shares of ThredUp in the second quarter valued at approximately $974,000. Voya Investment Management LLC acquired a new stake in shares of ThredUp in the first quarter valued at approximately $51,000. Rhumbline Advisers lifted its position in shares of ThredUp by 3.0% in the first quarter. Rhumbline Advisers now owns 100,182 shares of the company's stock valued at $241,000 after buying an additional 2,928 shares during the last quarter. Finally, Diker Management LLC lifted its position in shares of ThredUp by 5.6% in the first quarter. Diker Management LLC now owns 125,155 shares of the company's stock valued at $302,000 after buying an additional 6,655 shares during the last quarter. 89.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TDUP. Wells Fargo & Company raised their price objective on ThredUp from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Tuesday, August 5th. Wall Street Zen cut ThredUp from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Telsey Advisory Group raised their price objective on ThredUp from $9.00 to $12.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Northland Securities set a $14.00 price objective on ThredUp in a research report on Tuesday, August 5th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of ThredUp in a research report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $13.00.

ThredUp Stock Performance

NASDAQ:TDUP opened at $8.96 on Thursday. The stock has a market cap of $1.10 billion, a P/E ratio of -18.29 and a beta of 1.71. The stock has a 50 day simple moving average of $10.13 and a 200 day simple moving average of $7.25. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27. ThredUp Inc. has a 1-year low of $0.50 and a 1-year high of $12.28.

Insider Activity at ThredUp

In other ThredUp news, Director Coretha M. Rushing sold 105,000 shares of ThredUp stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $10.82, for a total value of $1,136,100.00. Following the completion of the transaction, the director directly owned 148,197 shares of the company's stock, valued at $1,603,491.54. The trade was a 41.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sean Sobers sold 50,000 shares of ThredUp stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $10.04, for a total value of $502,000.00. Following the completion of the transaction, the chief financial officer directly owned 427,390 shares of the company's stock, valued at $4,290,995.60. This represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 255,000 shares of company stock valued at $2,642,100. 27.00% of the stock is currently owned by insiders.

ThredUp Profile

ThredUp Inc, together with its subsidiaries, operates an online resale platform in the United States and internationally. Its platform enables consumers to buy and sell primarily secondhand apparel, shoes, and accessories. ThredUp Inc was incorporated in 2009 and is headquartered in Oakland, California.

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