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) shares gapped up before the market opened on Tuesday after Telsey Advisory Group raised their price target on the stock from $9.00 to $12.00. The stock had previously closed at $9.68, but opened at $10.84. Telsey Advisory Group currently has an outperform rating on the stock. ThredUp shares last traded at $9.74, with a volume of 1,273,787 shares trading hands.

Several other research analysts have also commented on TDUP. Northland Capmk raised shares of ThredUp to a "strong-buy" rating in a research note on Monday, July 21st. Northland Securities began coverage on shares of ThredUp in a research note on Monday, July 21st. They issued an "outperform" rating and a $9.00 price objective for the company. Wall Street Zen raised shares of ThredUp from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Finally, 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 research note on Tuesday, May 6th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $9.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TDUP. Victory Capital Management Inc. acquired a new position in ThredUp during the 1st quarter worth approximately $25,000. CHICAGO TRUST Co NA purchased a new stake in shares of ThredUp during the 1st quarter worth $30,000. Kapitalo Investimentos Ltda purchased a new stake in shares of ThredUp during the 2nd quarter worth $96,000. Voya Investment Management LLC purchased a new stake in shares of ThredUp during the 1st quarter worth $51,000. Finally, ProShare Advisors LLC lifted 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 worth $31,000 after purchasing an additional 7,287 shares during the last quarter. Hedge funds and other institutional investors own 89.08% of the company's stock.

ThredUp Trading Up 8.7%

The firm has a market capitalization of $1.24 billion, a PE ratio of -17.63 and a beta of 1.73. The company's 50-day moving average price is $7.69 and its 200-day moving average price is $4.94. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.92 and a current ratio of 0.92.

ThredUp (NASDAQ:TDUP - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.04) earnings per share (EPS) 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 net margin of 22.41% and a negative return on equity of 77.03%. On average, sell-side analysts expect that ThredUp Inc. will post -0.56 earnings per share for the current year.

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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