Byrne Asset Management LLC Acquires Shares of 130,000 ThredUp Inc. $TDUP

Key Points

• Byrne Asset Management LLC acquired a new stake in ThredUp Inc., purchasing 130,000 shares valued at approximately $974,000 in the second quarter.
• Insider selling is notable, with Director Coretha M. Rushing and CFO Sean Sobers significantly reducing their holdings, reflecting a 41.47% and 17.32% decrease, respectively.
• ThredUp's stock performance remains volatile, currently priced at $10.80, with analysts setting a consensus target price of $13.00 and varying ratings from buy to hold.

Byrne Asset Management LLC acquired a new stake in ThredUp Inc. (NASDAQ:TDUP - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 130,000 shares of the company's stock, valued at approximately $974,000. Byrne Asset Management LLC owned about 0.11% of ThredUp as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Two Sigma Investments LP raised its position in ThredUp by 150.1% during the 4th quarter. Two Sigma Investments LP now owns 114,632 shares of the company's stock valued at $159,000 after purchasing an additional 68,790 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in ThredUp by 122.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 557,023 shares of the company's stock worth $1,342,000 after purchasing an additional 306,572 shares during the period. BloombergSen Inc. grew its holdings in ThredUp by 98.5% during the 1st quarter. BloombergSen Inc. now owns 1,269,649 shares of the company's stock valued at $3,060,000 after buying an additional 630,101 shares during the last quarter. Nuveen LLC acquired a new stake in ThredUp in the 1st quarter valued at $571,000. Finally, Informed Momentum Co LLC acquired a new position in ThredUp in the first quarter worth about $751,000. Institutional investors own 89.08% of the company's stock.

ThredUp Trading Down 1.2%

ThredUp stock traded down $0.13 during trading on Friday, hitting $10.53. The company's stock had a trading volume of 5,225,064 shares, compared to its average volume of 2,190,291. ThredUp Inc. has a 1-year low of $0.50 and a 1-year high of $12.28. The stock's fifty day moving average is $9.83 and its 200 day moving average is $6.85. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -21.49 and a beta of 1.75.

Insider Activity

In other news, CFO Sean Sobers sold 100,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $10.04, for a total transaction of $1,004,000.00. Following the completion of the sale, the chief financial officer directly owned 477,390 shares of the company's stock, valued at $4,792,995.60. The trade was a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Coretha M. Rushing sold 105,000 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $10.82, for a total transaction of $1,136,100.00. Following the sale, the director owned 148,197 shares in the company, valued at approximately $1,603,491.54. This trade represents a 41.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 255,000 shares of company stock worth $2,642,100. Corporate insiders own 27.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TDUP. Northland Capmk upgraded shares of ThredUp to a "strong-buy" rating in a report on Monday, July 21st. Telsey Advisory Group upped their price target on shares of ThredUp from $9.00 to $12.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Northland Securities set a $14.00 price objective on shares of ThredUp in a research note on Tuesday, August 5th. Wall Street Zen cut shares of ThredUp from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of ThredUp in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, ThredUp currently has an average rating of "Buy" and a consensus target price of $13.00.

About ThredUp

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.