ThredUp (NASDAQ:TDUP) Shares Gap Up After Strong Earnings

ThredUp Inc. (NASDAQ:TDUP)’s share price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $4.44, but opened at $5.39. ThredUp shares last traded at $5.86, with a volume of 4,672,025 shares trading hands.

The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $71.29 million during the quarter, compared to analysts’ expectations of $67.54 million. ThredUp had a negative net margin of 22.16% and a negative return on equity of 78.74%.

Wall Street Analyst Weigh In

TDUP has been the topic of a number of recent analyst reports. Telsey Advisory Group boosted their target price on ThredUp from $6.00 to $7.00 and gave the stock an “outperform” rating in a report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of ThredUp in a research report on Tuesday, March 4th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $7.50 target price (up previously from $6.00) on shares of ThredUp in a report on Tuesday.

Insider Transactions at ThredUp

In other ThredUp news, Director Patricia Nakache sold 212,842 shares of ThredUp stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $3.32, for a total value of $706,635.44. Following the completion of the sale, the director now owns 250,956 shares in the company, valued at $833,173.92. The trade was a 45.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 1,337,172 shares of company stock valued at $4,042,161. 27.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ThredUp

Hedge funds and other institutional investors have recently made changes to their positions in the business. BloombergSen Inc. increased its stake in ThredUp by 98.5% during the 1st 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 during the period. Victory Capital Management Inc. bought a new position in shares of ThredUp in the first quarter worth $25,000. Bank of New York Mellon Corp raised its stake in ThredUp by 5.2% in the first quarter. Bank of New York Mellon Corp now owns 188,338 shares of the company’s stock valued at $454,000 after purchasing an additional 9,254 shares in the last quarter. Simplicity Wealth LLC bought a new stake in ThredUp during the first quarter worth about $156,000. Finally, CHICAGO TRUST Co NA acquired a new stake in ThredUp during the first quarter worth about $30,000. 89.08% of the stock is currently owned by institutional investors and hedge funds.

ThredUp Trading Up 47.7 %

The firm’s fifty day simple moving average is $3.09 and its 200 day simple moving average is $2.16. 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 stock has a market capitalization of $762.24 million, a P/E ratio of -10.25 and a beta of 1.51.

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.