ThredUp Inc. $TDUP Stock Position Lowered by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC cut its ThredUp position by 72.6% in the second quarter, selling 1.2 million shares and retaining 452,320 shares valued at approximately $3.1 million.
• Despite Squarepoint’s reduction, other institutions—including Invesco, Arrowstreet Capital and Readystate Asset Management—expanded their holdings, with institutional investors and hedge funds owning 89.08% of ThredUp.
• ThredUp’s stock opened at $2.61, near its one-year low, after the company missed quarterly EPS expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $6.55, while two executives sold shares to cover tax withholding obligations.

Squarepoint Ops LLC decreased its position in ThredUp Inc. (NASDAQ:TDUP - Free Report) by 72.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 452,320 shares of the company's stock after selling 1,197,770 shares during the quarter. Squarepoint Ops LLC owned about 0.34% of ThredUp worth $3,098,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. CI Investments Inc. acquired a new stake in shares of ThredUp during the first quarter worth approximately $5,937,000. Woodson Capital Management LP acquired a new position in ThredUp in the 4th quarter valued at approximately $11,502,000. Arrowstreet Capital Limited Partnership lifted its position in ThredUp by 263.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,056,345 shares of the company's stock worth $19,432,000 after buying an additional 1,491,020 shares in the last quarter. Invesco Ltd. lifted its position in ThredUp by 3,682.1% in the 2nd quarter. Invesco Ltd. now owns 1,135,351 shares of the company's stock worth $8,504,000 after buying an additional 1,105,332 shares in the last quarter. Finally, Readystate Asset Management LP boosted its stake in shares of ThredUp by 197.4% during the 2nd quarter. Readystate Asset Management LP now owns 1,508,736 shares of the company's stock valued at $10,335,000 after buying an additional 1,001,482 shares during the period. 89.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ThredUp

In other news, COO Christopher Homer sold 60,230 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $2.58, for a total value of $155,393.40. Following the completion of the sale, the chief operating officer directly owned 1,363,358 shares in the company, valued at approximately $3,517,463.64. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sean Sobers sold 44,559 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $2.58, for a total transaction of $114,962.22. Following the completion of the transaction, the chief financial officer owned 613,503 shares in the company, valued at $1,582,837.74. The trade was a 6.77% 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.

ThredUp Price Performance

TDUP stock opened at $2.61 on Monday. The firm has a market cap of $342.77 million, a PE ratio of -15.35 and a beta of 1.97. ThredUp Inc. has a 1 year low of $2.48 and a 1 year high of $11.08. The company has a fifty day simple moving average of $4.42 and a 200 day simple moving average of $4.47. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.29.

ThredUp (NASDAQ:TDUP - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $90.77 million for the quarter, compared to the consensus estimate of $90.34 million. ThredUp had a negative net margin of 6.65% and a negative return on equity of 37.30%. Sell-side analysts anticipate that ThredUp Inc. will post -0.17 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TDUP. Weiss Ratings reissued a "sell (e+)" rating on shares of ThredUp in a research report on Wednesday, June 24th. Telsey Advisory Group dropped their target price on ThredUp from $7.00 to $6.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Finally, Roth Capital reaffirmed a "buy" rating and set a $6.50 price target on shares of ThredUp in a research note on Thursday, August 6th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $6.55.

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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