ThredUp (NASDAQ:TDUP) Stock Price Down 3.1% - Here's What Happened

Key Points

• ThredUp's stock price decreased by 3.1% to $10.23, with a significant drop in trading volume to 153,498 shares, down 92% from its average of nearly 1.9 million shares.
• Wall Street analysts generally maintain a positive outlook, with a consensus rating of "Buy" and a target price of $13.00, though one analyst has downgraded it to a "hold" rating.
• Insider activity has included the sale of 255,000 shares, indicating a potential decrease in insider confidence, with key executives like CFO Sean Sobers reducing their holdings significantly.

ThredUp Inc. (NASDAQ:TDUP - Get Free Report) dropped 3.1% during trading on Wednesday . The stock traded as low as $10.12 and last traded at $10.23. Approximately 153,498 shares changed hands during trading, a decline of 92% from the average daily volume of 1,908,253 shares. The stock had previously closed at $10.55.

Wall Street Analysts Forecast Growth

TDUP has been the subject of a number of research reports. Northland Securities set a $14.00 price objective on ThredUp in a research note on Tuesday, August 5th. Northland Capmk upgraded ThredUp to a "strong-buy" rating in a report on Monday, July 21st. Wall Street Zen lowered ThredUp from a "buy" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company lifted their price target on ThredUp from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Tuesday, August 5th. Finally, Telsey Advisory Group lifted their price target on ThredUp from $9.00 to $12.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, ThredUp presently has a consensus rating of "Buy" and a consensus target price of $13.00.

ThredUp Stock Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $1.29 billion, a PE ratio of -21.51 and a beta of 1.75. The company has a 50-day moving average of $8.95 and a 200 day moving average of $6.14.

Insider Activity

In related news, CFO Sean Sobers sold 50,000 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $10.04, for a total transaction 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 represents a 10.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Coretha M. Rushing sold 105,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $10.82, for a total value of $1,136,100.00. Following the sale, the director owned 148,197 shares of the company's stock, valued at $1,603,491.54. This represents a 41.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 255,000 shares of company stock valued at $2,642,100 over the last 90 days. 27.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ThredUp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Cerity Partners LLC lifted its holdings in ThredUp by 6.7% in the 2nd quarter. Cerity Partners LLC now owns 19,011 shares of the company's stock worth $142,000 after buying an additional 1,190 shares during the period. SG Americas Securities LLC lifted its holdings in ThredUp by 5.0% in the 2nd quarter. SG Americas Securities LLC now owns 27,167 shares of the company's stock worth $203,000 after buying an additional 1,296 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in ThredUp by 5.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,302 shares of the company's stock worth $234,000 after buying an additional 1,601 shares during the period. ProShare Advisors LLC lifted its holdings in ThredUp by 9.6% in the 2nd quarter. ProShare Advisors LLC now owns 18,658 shares of the company's stock worth $140,000 after buying an additional 1,631 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in ThredUp by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,705 shares of the company's stock worth $115,000 after buying an additional 2,034 shares during the period. Hedge funds and other institutional investors own 89.08% of the company's stock.

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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