Walleye Capital LLC Takes $175,000 Position in ThredUp Inc. $TDUP

Key Points

• Walleye Capital LLC acquired a new stake in ThredUp Inc. during the first quarter, purchasing 72,491 shares valued at approximately $175,000, representing about 0.06% of the company.
• ThredUp's stock trading increased by 10.9% recently, with shares opening at $11.71, while the company holds a market capitalization of $1.44 billion.
• Several analysts have upgraded ThredUp, with Northland Capital marking it as a "strong-buy" and Telsey Advisory Group raising the price target to $12.00, reflecting positive investor sentiment.

Walleye Capital LLC purchased a new stake in shares of ThredUp Inc. (NASDAQ:TDUP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 72,491 shares of the company's stock, valued at approximately $175,000. Walleye Capital LLC owned about 0.06% of ThredUp at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TDUP. Victory Capital Management Inc. purchased a new position in shares of ThredUp during the 1st quarter valued at $25,000. CHICAGO TRUST Co NA purchased a new position in shares of ThredUp during the 1st quarter valued at $30,000. ProShare Advisors LLC lifted its position in shares of ThredUp by 49.0% during 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. Cubist Systematic Strategies LLC purchased a new position in shares of ThredUp during the 4th quarter valued at $48,000. Finally, American Century Companies Inc. purchased a new position in shares of ThredUp during the 1st quarter valued at $57,000. Hedge funds and other institutional investors own 89.08% of the company's stock.

Insider Activity

In other ThredUp news, Director Coretha M. Rushing sold 105,000 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $10.82, for a total value of $1,136,100.00. Following the sale, the director owned 148,197 shares of the company's stock, valued at $1,603,491.54. This trade represents a 41.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sean Sobers sold 50,000 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $10.04, for a total value of $502,000.00. Following the completion of the sale, the chief financial officer directly owned 427,390 shares in the company, valued at approximately $4,290,995.60. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,000 shares of company stock worth $2,642,100. Insiders own 27.00% of the company's stock.

Analyst Ratings Changes

TDUP has been the topic of a number of recent research reports. Northland Capmk raised ThredUp to a "strong-buy" rating in a report on Monday, July 21st. Northland Securities set a $14.00 price objective on ThredUp in a report on Tuesday, August 5th. Needham & Company LLC reissued a "hold" rating on shares of ThredUp in a report on Thursday, September 4th. Telsey Advisory Group increased their price objective on ThredUp from $9.00 to $12.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Finally, Wall Street Zen cut ThredUp from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. One 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, ThredUp has a consensus rating of "Buy" and a consensus price target of $13.00.

ThredUp Price Performance

Shares of NASDAQ:TDUP traded up $0.07 on Wednesday, hitting $10.80. The company's stock had a trading volume of 1,422,728 shares, compared to its average volume of 2,155,490. The company has a 50-day simple moving average of $9.37 and a 200 day simple moving average of $6.46. ThredUp Inc. has a 1 year low of $0.50 and a 1 year high of $12.28. The company has a market capitalization of $1.33 billion, a PE ratio of -22.04 and a beta of 1.75. 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 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.