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

A number of other hedge funds have also made changes to their positions in TDUP. Tocqueville Asset Management L.P. purchased a new position in shares of ThredUp in the 1st quarter valued at about $2,338,000. Blair William & Co. IL increased its holdings in shares of ThredUp by 46.3% in the 1st quarter. Blair William & Co. IL now owns 2,969,725 shares of the company's stock valued at $7,157,000 after acquiring an additional 939,449 shares during the last quarter. BloombergSen Inc. grew its stake in ThredUp by 98.5% during the 1st quarter. BloombergSen Inc. now owns 1,269,649 shares of the company's stock worth $3,060,000 after buying an additional 630,101 shares during the last quarter. Informed Momentum Co LLC purchased a new position in ThredUp during the 1st quarter worth approximately $751,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in ThredUp by 122.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 557,023 shares of the company's stock worth $1,342,000 after buying an additional 306,572 shares during the last quarter. Hedge funds and other institutional investors own 89.08% of the company's stock.

ThredUp Trading Up 10.9%

Shares of TDUP stock opened at $11.71 on Friday. The business's 50 day moving average is $9.09 and its two-hundred day moving average is $6.23. ThredUp Inc. has a twelve month low of $0.50 and a twelve month high of $12.28. The company has a market capitalization of $1.44 billion, a P/E ratio of -23.90 and a beta of 1.75. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TDUP. Northland Capmk upgraded ThredUp to a "strong-buy" rating in a research note on Monday, July 21st. Needham & Company LLC restated a "hold" rating on shares of ThredUp in a research note on Thursday. Telsey Advisory Group raised their price target on 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 target on ThredUp in a research note on Tuesday, August 5th. Finally, Wall Street Zen downgraded ThredUp from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, ThredUp has a consensus rating of "Buy" and a consensus price target of $13.00.

Insider Activity at ThredUp

In other ThredUp news, CFO Sean Sobers sold 100,000 shares of ThredUp stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 477,390 shares in the company, valued at approximately $4,792,995.60. This trade represents a 17.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Coretha M. Rushing sold 105,000 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $10.82, for a total value of $1,136,100.00. Following the completion of the sale, the director directly owned 148,197 shares of the company's stock, valued at $1,603,491.54. This represents a 41.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 255,000 shares of company stock worth $2,642,100 over the last quarter. Company insiders own 27.00% of the company's stock.

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.

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