MYDA Advisors LLC Invests $386,000 in ThredUp Inc. $TDUP

Key Points

• MYDA Advisors LLC has made a new investment in ThredUp Inc. by purchasing 160,000 shares worth approximately $386,000, acquiring a 0.14% stake in the company.
• Several analysts have upgraded ThredUp's stock rating, with Northland Capital Markets suggesting a strong-buy rating and setting a target price at $14.00.
• Insider selling has been notable, with Director Coretha M. Rushing selling 105,000 shares and CFO Sean Sobers selling 50,000 shares in recent transactions, indicating a potential decrease in management confidence.

MYDA Advisors LLC purchased a new position in ThredUp Inc. (NASDAQ:TDUP - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 160,000 shares of the company's stock, valued at approximately $386,000. MYDA Advisors LLC owned 0.14% of ThredUp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ lifted its stake in ThredUp by 15.9% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 23,914 shares of the company's stock valued at $58,000 after purchasing an additional 3,285 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in ThredUp by 9.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,671 shares of the company's stock valued at $63,000 after purchasing an additional 3,908 shares during the last quarter. ProShare Advisors LLC lifted its stake in ThredUp by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 22,150 shares of the company's stock valued at $31,000 after purchasing an additional 7,287 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in ThredUp by 5.2% during the first quarter. Bank of New York Mellon Corp now owns 188,338 shares of the company's stock valued at $454,000 after purchasing an additional 9,254 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in ThredUp during the first quarter valued at approximately $25,000. 89.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on TDUP shares. Northland Capmk raised shares of ThredUp to a "strong-buy" rating in a research note on Monday, July 21st. Wall Street Zen downgraded shares of ThredUp from a "buy" rating to a "hold" rating in a research report on Saturday. Northland Securities set a $14.00 price target on shares of ThredUp in a research report on Tuesday, August 5th. Telsey Advisory Group upped 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. Finally, Wells Fargo & Company upped their price target on shares of ThredUp from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $13.00.

ThredUp Stock Down 3.4%

ThredUp stock traded down $0.38 during trading hours on Monday, hitting $10.82. The company had a trading volume of 1,336,436 shares, compared to its average volume of 2,584,009. The firm has a market capitalization of $1.33 billion, a P/E ratio of -22.08 and a beta of 1.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.96 and a quick ratio of 0.96. The firm's fifty day moving average is $8.86 and its 200-day moving average is $6.05. ThredUp Inc. has a fifty-two week low of $0.50 and a fifty-two week high of $12.28.

Insider Activity at ThredUp

In other ThredUp news, Director Coretha M. Rushing sold 105,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $10.82, for a total value of $1,136,100.00. Following the transaction, the director owned 148,197 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sean Sobers sold 100,000 shares of the company's stock in a transaction that occurred on 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 transaction, the chief financial officer owned 477,390 shares in the company, valued at approximately $4,792,995.60. This represents a 17.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,000 shares of company stock worth $2,642,100. Company insiders own 27.00% of the company's stock.

ThredUp Company 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.