Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in ThredUp Inc. $TDUP

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its position in ThredUp Inc. by 122.4%, now owning 557,023 shares worth approximately $1.34 million.
• Several institutional investors, including Blair William & Co. and Marshall Wace LLP, have also increased their stakes in ThredUp, reflecting growing interest among hedge funds.
• ThredUp has seen analyst ratings improve, with Wells Fargo raising its price target to $13.00 and a consensus rating of "Buy" from multiple investment analysts.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of ThredUp Inc. (NASDAQ:TDUP - Free Report) by 122.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 557,023 shares of the company's stock after buying an additional 306,572 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.48% of ThredUp worth $1,342,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in TDUP. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of ThredUp by 15.9% in 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 period. ProShare Advisors LLC grew its position in ThredUp by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 22,150 shares of the company's stock valued at $31,000 after buying an additional 7,287 shares during the last quarter. Bank of New York Mellon Corp grew its position in ThredUp by 5.2% in the 1st quarter. Bank of New York Mellon Corp now owns 188,338 shares of the company's stock valued at $454,000 after buying an additional 9,254 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in ThredUp in the 1st quarter valued at $25,000. Institutional investors and hedge funds own 89.08% of the company's stock.

ThredUp Price Performance

TDUP traded up $0.51 on Thursday, hitting $11.16. 2,509,586 shares of the company were exchanged, compared to its average volume of 2,336,477. 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 business's fifty day moving average is $8.45 and its 200 day moving average is $5.63. ThredUp Inc. has a fifty-two week low of $0.50 and a fifty-two week high of $11.24. The firm has a market capitalization of $1.37 billion, a P/E ratio of -22.78 and a beta of 1.73.

Wall Street Analyst Weigh In

Several analysts have recently commented on TDUP shares. Telsey Advisory Group raised their target price on shares of ThredUp from $9.00 to $12.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Northland Capmk upgraded shares of ThredUp to a "strong-buy" rating in a research report on Monday, July 21st. Wall Street Zen raised ThredUp from a "hold" rating to a "buy" rating in a report on Saturday, June 7th. Northland Securities set a $14.00 target price on ThredUp in a research note on Tuesday, August 5th. Finally, Wells Fargo & Company raised their price target on ThredUp from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $13.00.

Insider Activity at ThredUp

In related news, CFO Sean Sobers sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 27.00% of the stock is owned by company insiders.

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.