ThredUp (NASDAQ:TDUP) Stock Price Expected to Rise, Telsey Advisory Group Analyst Says

Key Points

• Telsey Advisory Group has raised its price target for ThredUp (NASDAQ: TDUP) from $9.00 to $12.00, indicating a potential upside of 23.97% from the current stock price.
• Several analysts have recently upgraded ThredUp's rating; Wall Street Zen upgraded it to a "buy" and Northland Capital Markets assigned a "strong-buy" rating.
• ThredUp's shares opened at $9.68 with a significant 14.3% increase in trading, supported by strong quarterly earnings surpassing analyst expectations.

ThredUp (NASDAQ:TDUP - Free Report) had its target price upped by Telsey Advisory Group from $9.00 to $12.00 in a report released on Tuesday morning, Marketbeat reports. Telsey Advisory Group currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $7.50 price objective (up previously from $6.00) on shares of ThredUp in a research note on Tuesday, May 6th. Northland Capmk upgraded shares of ThredUp to a "strong-buy" rating in a research note on Monday, July 21st. Northland Securities started coverage on shares of ThredUp in a research note on Monday, July 21st. They set an "outperform" rating and a $9.00 price objective for the company. 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 investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, ThredUp presently has an average rating of "Buy" and a consensus price target of $13.00.

ThredUp Stock Up 1.0%

Shares of NASDAQ TDUP traded up $0.10 during midday trading on Tuesday, reaching $10.00. 2,736,043 shares of the company's stock traded hands, compared to its average volume of 2,338,225. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 0.27. The stock's 50 day simple moving average is $7.92 and its 200-day simple moving average is $5.12. ThredUp has a one year low of $0.50 and a one year high of $11.00. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -20.41 and a beta of 1.73.

Insider Buying and Selling

In related news, CFO Sean Sobers sold 50,000 shares of ThredUp stock in a transaction that occurred on 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 $4,290,995.60. This trade represents a 10.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 27.00% of the stock is owned by company insiders.

Institutional Trading of ThredUp

Institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. acquired a new position in ThredUp in the 1st quarter worth approximately $25,000. CHICAGO TRUST Co NA acquired a new position in ThredUp in the 1st quarter worth approximately $30,000. ProShare Advisors LLC increased its holdings in ThredUp by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 22,150 shares of the company's stock worth $31,000 after buying an additional 7,287 shares during the period. Cubist Systematic Strategies LLC acquired a new position in ThredUp in the 4th quarter worth approximately $48,000. Finally, Voya Investment Management LLC acquired a new position in ThredUp in the 1st quarter worth approximately $51,000. 89.08% of the stock is currently owned by institutional investors and hedge funds.

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.