Telsey Advisory Group Issues Positive Forecast for ThredUp (NASDAQ:TDUP) Stock Price

Key Points

• Telsey Advisory Group has raised its price target for ThredUp (NASDAQ:TDUP) from $7.00 to $9.00, indicating a potential upside of 16.73% based on the stock's previous close.
• The stock currently has a consensus rating of "Buy" among analysts, with predictions of $8.50 as the average price target.
• ThredUp's recent quarterly earnings report showed a smaller loss than expected, with revenue exceeding analyst expectations at $71.29 million.

ThredUp (NASDAQ:TDUP - Get Free Report) had its target price hoisted by equities research analysts at Telsey Advisory Group from $7.00 to $9.00 in a note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has an "outperform" rating on the stock. Telsey Advisory Group's price objective would indicate a potential upside of 19.52% from the company's current price.

A number of other equities analysts have also commented on TDUP. Wall Street Zen raised shares of ThredUp from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $7.50 price target (up previously from $6.00) on shares of ThredUp in a research report on Tuesday, May 6th. Northland Securities began coverage on ThredUp in a report on Monday, July 21st. They set an "outperform" rating and a $9.00 target price on the stock. Finally, Northland Capmk raised ThredUp to a "strong-buy" rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $8.50.

ThredUp Price Performance

NASDAQ TDUP traded up $0.02 during trading hours on Tuesday, hitting $7.53. 2,003,940 shares of the company's stock traded hands, compared to its average volume of 1,760,691. The firm's 50-day moving average is $7.60 and its 200-day moving average is $4.74. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.31. ThredUp has a 52-week low of $0.50 and a 52-week high of $8.74.

ThredUp (NASDAQ:TDUP - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. ThredUp had a negative net margin of 22.41% and a negative return on equity of 77.03%. The company had revenue of $71.29 million during the quarter, compared to analysts' expectations of $67.54 million. As a group, research analysts anticipate that ThredUp will post -0.56 EPS for the current fiscal year.

Institutional Trading of ThredUp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. bought a new stake in ThredUp during the 1st quarter worth about $25,000. CHICAGO TRUST Co NA acquired a new position in shares of ThredUp in the first quarter valued at approximately $30,000. Kapitalo Investimentos Ltda bought a new position in shares of ThredUp during the 2nd quarter worth approximately $96,000. Voya Investment Management LLC acquired a new position in shares of ThredUp during the first quarter worth approximately $51,000. Finally, ProShare Advisors LLC increased 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 purchasing an additional 7,287 shares during the last quarter. 89.08% of the stock is currently owned by institutional investors.

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.