Tocqueville Asset Management L.P. Acquires Shares of 970,000 ThredUp Inc. $TDUP

Key Points

• Tocqueville Asset Management has acquired a new stake in ThredUp Inc., purchasing 970,000 shares valued at approximately $2.34 million, representing about 0.83% of the company.
• Multiple institutional investors have significantly raised their positions in ThredUp, with JPMorgan Chase increasing its stake by 450.6% during the last quarter.
• ThredUp's stock has received positive ratings from analysts, with an average "Buy" rating and a consensus target price of $13.00.

Tocqueville Asset Management L.P. acquired a new position in ThredUp Inc. (NASDAQ:TDUP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 970,000 shares of the company's stock, valued at approximately $2,338,000. Tocqueville Asset Management L.P. owned about 0.83% of ThredUp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. acquired a new position in ThredUp in the first quarter worth approximately $25,000. CHICAGO TRUST Co NA acquired a new position in ThredUp during the first quarter valued at approximately $30,000. ProShare Advisors LLC grew its holdings 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. American Century Companies Inc. acquired a new position in ThredUp during the first quarter valued at approximately $57,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings 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. Institutional investors and hedge funds own 89.08% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CFO Sean Sobers sold 100,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $10.04, for a total value of $1,004,000.00. Following the completion of the transaction, the chief financial officer directly owned 477,390 shares of the company's stock, valued at $4,792,995.60. This trade represents a 17.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 27.00% of the stock is currently owned by company insiders.

ThredUp Stock Performance

Shares of ThredUp stock traded up $0.4930 during midday trading on Friday, hitting $11.6530. The company had a trading volume of 2,237,772 shares, compared to its average volume of 1,889,157. The stock has a market cap of $1.44 billion, a PE ratio of -23.78 and a beta of 1.73. ThredUp Inc. has a 1-year low of $0.50 and a 1-year high of $11.78. The business's 50 day simple moving average is $8.45 and its two-hundred day simple moving average is $5.63. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.96 and a quick ratio of 0.96.

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.