ThredUp Inc. $TDUP Shares Purchased by Needham Investment Management LLC

Key Points

• Needham Investment Management increased its stake in ThredUp by 7% in the fourth quarter, buying 400,000 additional shares and bringing its total holding to 6.075 million shares, or about 4.85% of the company.
• ThredUp reported quarterly earnings of -$0.05 per share, matching analyst expectations, while revenue of $81.67 million came in slightly above estimates. Analysts currently expect the company to post -$0.09 EPS for the full fiscal year.
• Several analysts remain constructive on the stock, with TD Cowen raising its target to $5.70 and the consensus rating standing at Moderate Buy with a price target of $9.14. Meanwhile, company insiders recently sold shares, mainly tied to tax withholding on equity vesting.

Needham Investment Management LLC lifted its holdings in ThredUp Inc. (NASDAQ:TDUP - Free Report) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,075,000 shares of the company's stock after acquiring an additional 400,000 shares during the period. ThredUp makes up approximately 2.5% of Needham Investment Management LLC's portfolio, making the stock its 7th biggest position. Needham Investment Management LLC owned approximately 4.85% of ThredUp worth $38,819,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Divisadero Street Capital Management LP acquired a new position in ThredUp in the third quarter valued at approximately $9,396,000. Vanguard Group Inc. boosted its holdings in shares of ThredUp by 6.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,914,427 shares of the company's stock worth $65,341,000 after buying an additional 398,865 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in shares of ThredUp in the 4th quarter valued at $3,441,000. Penn Capital Management Company LLC acquired a new position in shares of ThredUp during the 4th quarter valued at $1,567,000. Finally, BloombergSen Inc. boosted its stake in ThredUp by 44.7% during the fourth quarter. BloombergSen Inc. now owns 1,274,289 shares of the company's stock worth $8,143,000 after acquiring an additional 393,385 shares in the last quarter. Institutional investors own 89.08% of the company's stock.

ThredUp Stock Performance

NASDAQ TDUP opened at $5.21 on Tuesday. The company has a fifty day moving average price of $4.39 and a 200-day moving average price of $5.07. The firm has a market cap of $672.30 million, a price-to-earnings ratio of -32.56 and a beta of 2.07. 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.

ThredUp (NASDAQ:TDUP - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported ($0.05) earnings per share for the quarter, meeting analysts' consensus estimates 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 analyst estimates of $80.17 million. As a group, equities research analysts predict that ThredUp Inc. will post -0.09 EPS for the current fiscal year.

Insider Activity

In other news, CFO Sean Sobers sold 45,554 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $4.43, for a total value of $201,804.22. Following the transaction, the chief financial officer owned 572,523 shares in the company, valued at $2,536,276.89. The trade was a 7.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $4.43, for a total value of $272,790.54. Following the completion of the transaction, the chief operating officer directly owned 1,301,843 shares of the company's stock, valued at approximately $5,767,164.49. This represents 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. Company insiders own 23.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. TD Cowen upped their price objective on shares of ThredUp from $5.00 to $5.70 and gave the company a "buy" rating in a report on Tuesday, May 5th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ThredUp in a research note on Friday, March 27th. Wells Fargo & Company cut their price target on ThredUp from $10.00 to $8.00 and set an "overweight" rating on the stock in a report on Tuesday, May 5th. Finally, Telsey Advisory Group cut their target price on ThredUp from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $9.14.

About ThredUp

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.

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