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

ThredUp Inc. (NASDAQ:TDUP) 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 trading hands.

Several other brokerages have also recently commented on TDUP. Wall Street Zen raised ThredUp from a “hold” rating to a “buy” rating in a research report on Saturday, June 7th. Northland Capmk raised ThredUp to a “strong-buy” rating in a research report on Monday, July 21st. Northland Securities began coverage on ThredUp in a research report on Monday, July 21st. They set an “outperform” rating and a $9.00 price target for the company. Finally, Telsey Advisory Group raised their price objective on ThredUp from $9.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday. 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $11.33.

Hedge Funds Weigh In On ThredUp

Large investors have recently made changes to their positions in the company. Two Sigma Investments LP increased its stake in shares of ThredUp by 150.1% during the fourth quarter. Two Sigma Investments LP now owns 114,632 shares of the company’s stock worth $159,000 after purchasing an additional 68,790 shares during the period. Barclays PLC raised its holdings in ThredUp by 14.7% in the 4th quarter. Barclays PLC now owns 119,325 shares of the company’s stock valued at $166,000 after acquiring an additional 15,307 shares in the last quarter. BloombergSen Inc. raised its holdings in ThredUp by 98.5% in the 1st quarter. BloombergSen Inc. now owns 1,269,649 shares of the company’s stock valued at $3,060,000 after acquiring an additional 630,101 shares in the last quarter. PEAK6 LLC acquired a new position in ThredUp in the 4th quarter valued at $228,000. Finally, Renaissance Technologies LLC raised its holdings in ThredUp by 75.2% in the 4th quarter. Renaissance Technologies LLC now owns 978,745 shares of the company’s stock valued at $1,360,000 after acquiring an additional 420,012 shares in the last quarter. Institutional investors own 89.08% of the company’s stock.

ThredUp Price Performance

The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -20.88 and a beta of 1.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.92 and a current ratio of 0.92. The company has a fifty day simple moving average of $7.75 and a two-hundred day simple moving average of $4.97.

ThredUp (NASDAQ:TDUP) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate 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 return on equity of 71.39% and a negative net margin of 19.66%. As a group, equities research analysts expect that ThredUp Inc. will post -0.56 earnings per share for the current fiscal year.

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.