Telsey Advisory Group Forecasts Strong Price Appreciation for ThredUp (NASDAQ:TDUP) Stock

ThredUp (NASDAQ:TDUP) had its target price increased by equities researchers at Telsey Advisory Group from $2.00 to $3.00 in a research report issued on Wednesday, MarketBeat reports. The brokerage presently has an “outperform” rating on the stock. Telsey Advisory Group’s price target indicates a potential upside of 38.25% from the stock’s current price.

Separately, Needham & Company LLC reiterated a “hold” rating on shares of ThredUp in a research note on Tuesday.

ThredUp Trading Down 4.0 %

Shares of ThredUp stock opened at $2.17 on Wednesday. The stock has a market cap of $246.86 million, a price-to-earnings ratio of -3.39 and a beta of 1.66. The company has a fifty day simple moving average of $1.43 and a 200-day simple moving average of $1.20. The company has a current ratio of 0.96, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28. ThredUp has a 12-month low of $0.50 and a 12-month high of $2.42.

Insider Buying and Selling

In other news, Director Daniel J. Nova acquired 45,897 shares of the business’s stock in a transaction on Monday, November 18th. The stock was bought at an average price of $1.00 per share, for a total transaction of $45,897.00. Following the transaction, the director now owns 124,142 shares in the company, valued at $124,142. This represents a 58.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Patricia Nakache sold 41,676 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $1.77, for a total transaction of $73,766.52. Following the transaction, the director now owns 250,956 shares of the company’s stock, valued at approximately $444,192.12. The trade was a 14.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 214,797 shares of company stock worth $264,905 and sold 922,112 shares worth $1,840,991. 34.42% of the stock is owned by company insiders.

Hedge Funds Weigh In On ThredUp

Large investors have recently bought and sold shares of the company. Blair William & Co. IL raised its position in ThredUp by 285.0% during the 2nd quarter. Blair William & Co. IL now owns 911,652 shares of the company’s stock worth $1,550,000 after buying an additional 674,852 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of ThredUp by 84.8% in the 3rd quarter. SG Americas Securities LLC now owns 34,543 shares of the company’s stock valued at $29,000 after purchasing an additional 15,850 shares in the last quarter. State Street Corp increased its holdings in shares of ThredUp by 0.9% in the 3rd quarter. State Street Corp now owns 1,443,177 shares of the company’s stock valued at $1,215,000 after purchasing an additional 12,984 shares in the last quarter. Sei Investments Co. purchased a new position in shares of ThredUp in the 2nd quarter valued at about $37,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of ThredUp by 8.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 274,799 shares of the company’s stock valued at $467,000 after purchasing an additional 20,933 shares in the last quarter. Hedge funds and other institutional investors own 89.08% of the company’s stock.

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.