Readystate Asset Management LP boosted its stake in ThredUp Inc. (NASDAQ:TDUP – Free Report) by 197.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,508,736 shares of the company’s stock after purchasing an additional 1,001,482 shares during the period. Readystate Asset Management LP’s holdings in ThredUp were worth $10,335,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in TDUP. Raymond James Financial Inc. bought a new position in shares of ThredUp in the 2nd quarter valued at $32,000. R Squared Ltd acquired a new stake in shares of ThredUp during the first quarter valued at about $34,000. Quarry LP bought a new stake in shares of ThredUp during the third quarter worth about $37,000. Abel Hall LLC acquired a new position in shares of ThredUp in the first quarter valued at approximately $39,000. Finally, Meeder Asset Management Inc. increased its stake in shares of ThredUp by 552.9% in the fourth quarter. Meeder Asset Management Inc. now owns 6,405 shares of the company’s stock valued at $41,000 after buying an additional 5,424 shares during the period. Institutional investors and hedge funds own 89.08% of the company’s stock.
ThredUp Price Performance
Shares of TDUP opened at $2.72 on Monday. The firm has a market cap of $357.22 million, a PE ratio of -16.00 and a beta of 1.97. ThredUp Inc. has a 52-week low of $2.48 and a 52-week high of $11.90. The business’s 50 day moving average price is $4.85 and its two-hundred day moving average price is $4.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.99 and a current ratio of 0.99.
Insiders Place Their Bets
In related news, CFO Sean Sobers sold 44,559 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $2.58, for a total transaction of $114,962.22. Following the transaction, the chief financial officer directly owned 613,503 shares of the company’s stock, valued at approximately $1,582,837.74. This represents a 6.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Homer sold 60,230 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $2.58, for a total value of $155,393.40. Following the completion of the sale, the chief operating officer directly owned 1,363,358 shares of the company’s stock, valued at $3,517,463.64. This trade represents a 4.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 23.10% of the company’s stock.
Analyst Ratings Changes
TDUP has been the topic of several recent research reports. Telsey Advisory Group cut their target price on shares of ThredUp from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Roth Capital reiterated a “buy” rating and set a $6.50 price target on shares of ThredUp in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ThredUp in a report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.55.
Check Out Our Latest Stock Report on ThredUp
ThredUp Company Profile
ThredUp, Inc operates an online consignment and thrift platform that enables consumers to buy and sell secondhand clothing and accessories. Through its digital marketplace, the company offers curated selections of apparel for women and children, spanning a broad range of brands and styles. Sellers can order a “Clean Out Kit” to send in items they no longer wear, while buyers benefit from discounted prices and a simplified shopping experience powered by ThredUp’s in-house authentication, quality control and logistics capabilities.
In addition to its core consumer-to-consumer marketplace, ThredUp has expanded into business-to-business services with its Resale-as-a-Service (RaaS) offering.
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