ThredUp (NASDAQ:TDUP) Shares Gap Up on Analyst Upgrade

Key Points

• ThredUp's shares increased significantly after Telsey Advisory Group raised their price target from $9.00 to $12.00, leading to an opening price of $10.84 after closing at $9.68.
• The company has a current consensus rating of Buy from analysts, with one reported strong buy, four buy ratings, and a hold from another analyst, reflecting a growing confidence in ThredUp's stock.
• In its latest quarterly earnings, ThredUp reported earnings per share of ($0.04), surpassing estimates and generating $71.29 million in revenue, up from expectations of $67.54 million.

ThredUp Inc. (NASDAQ:TDUP - Get Free Report)'s share price gapped up before the market opened on Tuesday after Wells Fargo & Company raised their price target on the stock from $10.00 to $13.00. The stock had previously closed at $9.68, but opened at $10.84. Wells Fargo & Company currently has an overweight rating on the stock. ThredUp shares last traded at $9.74, with a volume of 1,273,787 shares.

A number of other analysts have also weighed in on the company. Telsey Advisory Group raised their target price on ThredUp from $9.00 to $12.00 and gave the company an "outperform" rating in a research note on Tuesday. Northland Securities assumed coverage on ThredUp in a research note on Monday, July 21st. They issued an "outperform" rating and a $9.00 target price for the company. Northland Capmk upgraded ThredUp to a "strong-buy" rating in a research note on Monday, July 21st. Finally, Wall Street Zen upgraded ThredUp from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $13.00.

Insider Transactions at ThredUp

In other ThredUp news, CFO Sean Sobers sold 100,000 shares of the business's 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 sale, the chief financial officer owned 477,390 shares in the company, valued at approximately $4,792,995.60. The trade was a 17.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 27.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. bought a new stake in shares of ThredUp during the 1st quarter valued at $25,000. CHICAGO TRUST Co NA bought a new stake in shares of ThredUp during the 1st quarter worth $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 purchasing an additional 7,287 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in ThredUp in the 4th quarter worth about $48,000. Finally, Voya Investment Management LLC acquired a new position in ThredUp in the 1st quarter worth about $51,000. 89.08% of the stock is owned by institutional investors and hedge funds.

ThredUp Trading Up 1.0%

The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -20.41 and a beta of 1.73. The business has a fifty day simple moving average of $7.92 and a 200-day simple moving average of $5.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.92 and a current ratio of 0.96.

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.