ThredUp (NASDAQ:TDUP) Shares Gap Down - Here's What Happened

ThredUp Inc. (NASDAQ:TDUP - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $7.65, but opened at $7.48. ThredUp shares last traded at $7.65, with a volume of 338,806 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TDUP shares. Telsey Advisory Group upped their price target on ThredUp from $6.00 to $7.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $7.50 price objective (up from $6.00) on shares of ThredUp in a research report on Tuesday, May 6th. Needham & Company LLC restated a "hold" rating on shares of ThredUp in a research report on Tuesday, March 4th. Finally, Wall Street Zen downgraded shares of ThredUp from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

ThredUp Trading Up 1.3%

The stock has a market capitalization of $899.86 million, a price-to-earnings ratio of -11.88 and a beta of 1.75. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 0.96. The business has a 50-day moving average of $5.11 and a 200-day moving average of $3.09.

ThredUp (NASDAQ:TDUP - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.03. ThredUp had a negative net margin of 22.16% and a negative return on equity of 78.74%. The company had revenue of $71.29 million for the quarter, compared to analysts' expectations of $67.54 million. As a group, research analysts forecast that ThredUp Inc. will post -0.56 EPS for the current year.

Insider Buying and Selling

In other news, Director Patricia Nakache sold 271,762 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $3.43, for a total value of $932,143.66. Following the sale, the director now directly owns 250,956 shares in the company, valued at $860,779.08. This represents a 51.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 811,860 shares of company stock worth $2,592,099 in the last three months. Corporate insiders own 27.00% of the company's stock.

Institutional Trading of ThredUp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. purchased a new stake in shares of ThredUp in the first quarter valued at $25,000. CHICAGO TRUST Co NA acquired a new position in shares of ThredUp during the 1st quarter valued at about $30,000. ProShare Advisors LLC increased its stake 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 acquiring an additional 7,287 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of ThredUp during the 4th quarter valued at about $33,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of ThredUp during the 4th quarter valued at about $48,000. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

About ThredUp

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.