MYDA Advisors LLC Takes Position in ThredUp Inc. $TDUP

Key Points

• MYDA Advisors LLC opened a new position in ThredUp during the fourth quarter, buying 340,000 shares worth about $2.17 million. The stake represented 0.27% of the company.
• Several other institutional investors also adjusted their ThredUp holdings, while hedge funds and other institutions collectively own 89.08% of the stock. Insider ownership remains significant at 23.10%.
• Analysts are mixed but lean positive on TDUP, with a Moderate Buy consensus and an average price target of $9.14. Recent insider sales by the CFO and COO were tied to tax withholding from equity award vesting.

MYDA Advisors LLC bought a new stake in ThredUp Inc. (NASDAQ:TDUP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 340,000 shares of the company's stock, valued at approximately $2,173,000. MYDA Advisors LLC owned 0.27% of ThredUp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TDUP. Raymond James Financial Inc. purchased a new stake in shares of ThredUp in the second quarter valued at $32,000. Quarry LP bought a new position in shares of ThredUp in the third quarter worth about $37,000. Meeder Asset Management Inc. grew its holdings in shares of ThredUp by 552.9% in the fourth quarter. Meeder Asset Management Inc. now owns 6,405 shares of the company's stock worth $41,000 after purchasing an additional 5,424 shares during the last quarter. Versor Investments LP bought a new position in shares of ThredUp in the fourth quarter worth about $70,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of ThredUp by 110.1% in the second quarter. Tower Research Capital LLC TRC now owns 10,959 shares of the company's stock worth $82,000 after purchasing an additional 5,744 shares during the last quarter. Hedge funds and other institutional investors own 89.08% of the company's stock.

Insider Activity

In other ThredUp news, CFO Sean Sobers sold 45,554 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $4.43, for a total transaction of $201,804.22. Following the transaction, the chief financial officer directly owned 572,523 shares in the company, valued at $2,536,276.89. This represents a 7.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Homer sold 61,578 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $4.43, for a total transaction of $272,790.54. Following the transaction, the chief operating officer owned 1,301,843 shares in the company, valued at approximately $5,767,164.49. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 23.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TDUP has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on shares of ThredUp from $10.00 to $8.00 and set an "overweight" rating on the stock in a report on Tuesday, May 5th. TD Cowen upped their price target on shares of ThredUp from $5.00 to $5.70 and gave the stock a "buy" rating in a report on Tuesday, May 5th. Weiss Ratings restated a "sell (e+)" rating on shares of ThredUp in a report on Friday, March 27th. Finally, Telsey Advisory Group cut their price target on shares of ThredUp from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $9.14.

ThredUp Price Performance

Shares of ThredUp stock opened at $5.05 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.95. ThredUp Inc. has a 1 year low of $3.08 and a 1 year high of $12.28. The firm's 50-day moving average is $4.35 and its two-hundred day moving average is $5.08. The stock has a market cap of $651.65 million, a price-to-earnings ratio of -31.56 and a beta of 2.07.

ThredUp (NASDAQ:TDUP - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). ThredUp had a negative net margin of 6.68% and a negative return on equity of 36.11%. The company had revenue of $81.67 million for the quarter, compared to analysts' expectations of $80.17 million. As a group, research analysts expect that ThredUp Inc. will post -0.09 earnings per share for the current fiscal year.

ThredUp Profile

ThredUp, Inc operates an online consignment and thrift platform that enables consumers to buy and sell secondhand clothing and accessories. Through its digital marketplace, the company offers curated selections of apparel for women and children, spanning a broad range of brands and styles. Sellers can order a “Clean Out Kit” to send in items they no longer wear, while buyers benefit from discounted prices and a simplified shopping experience powered by ThredUp's in-house authentication, quality control and logistics capabilities.

In addition to its core consumer-to-consumer marketplace, ThredUp has expanded into business-to-business services with its Resale-as-a-Service (RaaS) offering.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.