Telsey Advisory Group Raises ThredUp (NASDAQ:TDUP) Price Target to $12.00

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 - Get Free Report) had its price objective lifted by analysts at Telsey Advisory Group from $9.00 to $12.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Telsey Advisory Group's price objective indicates a potential upside of 23.97% from the stock's current price.

Several other research firms have also recently weighed in on TDUP. Wall Street Zen upgraded ThredUp from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Northland Capmk raised shares of ThredUp to a "strong-buy" rating in a research report on Monday, July 21st. Wells Fargo & Company reissued an "overweight" rating and issued a $7.50 price objective (up previously from $6.00) on shares of ThredUp in a report on Tuesday, May 6th. Finally, Northland Securities initiated coverage on ThredUp in a report on Monday, July 21st. They set an "outperform" rating and a $9.00 target price on the stock. One equities research 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 currently has an average rating of "Buy" and an average price target of $9.50.

ThredUp Trading Up 14.3%

Shares of TDUP stock opened at $9.68 on Tuesday. ThredUp has a 12-month low of $0.50 and a 12-month high of $9.75. The company has a market capitalization of $1.14 billion, a PE ratio of -16.69 and a beta of 1.73. The firm has a 50 day moving average price of $7.69 and a two-hundred day moving average price of $4.94. 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 (NASDAQ:TDUP - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $71.29 million during the quarter, compared to analysts' expectations of $67.54 million. ThredUp had a negative return on equity of 77.03% and a negative net margin of 22.41%. As a group, analysts predict that ThredUp will post -0.56 earnings per share for the current year.

Institutional Investors Weigh In On ThredUp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tocqueville Asset Management L.P. acquired a new position in shares of ThredUp during the 1st quarter worth $2,338,000. Blair William & Co. IL boosted its stake in ThredUp by 46.3% in the first quarter. Blair William & Co. IL now owns 2,969,725 shares of the company's stock valued at $7,157,000 after buying an additional 939,449 shares in the last quarter. Marshall Wace LLP grew its position in ThredUp by 134.5% in the fourth quarter. Marshall Wace LLP now owns 1,521,138 shares of the company's stock valued at $2,114,000 after acquiring an additional 872,357 shares during the last quarter. BloombergSen Inc. raised its stake in ThredUp by 98.5% during the first quarter. BloombergSen Inc. now owns 1,269,649 shares of the company's stock worth $3,060,000 after acquiring an additional 630,101 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of ThredUp by 75.2% in the fourth quarter. Renaissance Technologies LLC now owns 978,745 shares of the company's stock worth $1,360,000 after acquiring an additional 420,012 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.

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