Goldman Sachs Group Inc. Decreases Stock Position in ThredUp Inc. $TDUP

Key Points

• Goldman Sachs Group Inc. significantly reduced its stake in ThredUp Inc. by 88.7% in the first quarter, owning only 143,728 shares after selling over a million shares.
• Several hedge funds, including Bank of America and Two Sigma Advisers, increased their holdings in ThredUp, reflecting growing institutional interest despite Goldman Sachs' pullback.
• ThredUp has a current market cap of $1.13 billion and analysts project a target price of $13.00 for its stock, which has received mostly positive ratings from equity research analysts.

Goldman Sachs Group Inc. trimmed its holdings in shares of ThredUp Inc. (NASDAQ:TDUP - Free Report) by 88.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,728 shares of the company's stock after selling 1,132,408 shares during the quarter. Goldman Sachs Group Inc. owned 0.12% of ThredUp worth $346,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in shares of ThredUp by 42.6% during the fourth quarter. Bank of America Corp DE now owns 77,456 shares of the company's stock valued at $108,000 after purchasing an additional 23,156 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ThredUp by 9.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,671 shares of the company's stock worth $63,000 after purchasing an additional 3,908 shares during the last quarter. Millennium Management LLC acquired a new position in shares of ThredUp during the 4th quarter worth about $113,000. ProShare Advisors LLC raised its position in shares of ThredUp by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 22,150 shares of the company's stock worth $31,000 after purchasing an additional 7,287 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in ThredUp by 572.8% in the 4th quarter. Two Sigma Advisers LP now owns 109,000 shares of the company's stock valued at $152,000 after acquiring an additional 92,800 shares during the last quarter. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

ThredUp Price Performance

Shares of TDUP stock opened at $9.21 on Friday. ThredUp Inc. has a 1-year low of $0.50 and a 1-year high of $12.28. The firm has a market cap of $1.13 billion, a P/E ratio of -18.80 and a beta of 1.75. The firm has a fifty day moving average of $10.07 and a two-hundred day moving average of $7.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.96 and a quick ratio of 0.96.

Insider Transactions at ThredUp

In related news, Director Coretha M. Rushing sold 105,000 shares of the 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 sale, the director directly owned 148,197 shares of the company's stock, valued at approximately $1,603,491.54. This represents a 41.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Sean Sobers sold 50,000 shares of ThredUp stock in a transaction that occurred 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 sale, the chief financial officer owned 427,390 shares in the company, 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. Insiders have sold a total of 255,000 shares of company stock valued at $2,642,100 in the last quarter. 27.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on TDUP shares. Needham & Company LLC reiterated a "hold" rating on shares of ThredUp in a research note on Thursday, September 4th. Northland Securities set a $14.00 price objective on shares of ThredUp in a report on Tuesday, August 5th. Telsey Advisory Group lifted their price target on shares of ThredUp from $9.00 to $12.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Wells Fargo & Company boosted their price objective on ThredUp from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Tuesday, August 5th. Finally, Northland Capmk raised ThredUp to a "strong-buy" rating in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $13.00.

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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