CI Investments Inc. Invests $5.94 Million in ThredUp Inc. $TDUP

CI Investments Inc. bought a new stake in ThredUp Inc. (NASDAQ:TDUP) during the first quarter, HoldingsChannel.com reports. The fund bought 1,810,000 shares of the company’s stock, valued at approximately $5,937,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TDUP. Raymond James Financial Inc. acquired a new stake in ThredUp in the 2nd quarter valued at $32,000. R Squared Ltd purchased a new position in ThredUp in the 1st quarter worth approximately $34,000. Quarry LP acquired a new stake in ThredUp in the third quarter valued at approximately $37,000. Abel Hall LLC acquired a new stake in ThredUp in the first quarter valued at approximately $39,000. Finally, Meeder Asset Management Inc. raised its stake in shares of ThredUp by 552.9% during the fourth quarter. Meeder Asset Management Inc. now owns 6,405 shares of the company’s stock valued at $41,000 after purchasing an additional 5,424 shares during the period. Institutional investors and hedge funds own 89.08% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TDUP. TD Cowen upped their target price on shares of ThredUp from $5.00 to $5.70 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ThredUp in a research note on Wednesday, June 24th. Wells Fargo & Company cut their price objective on shares of ThredUp from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, May 5th. Finally, Telsey Advisory Group cut their price objective on shares of ThredUp from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.14.

Insiders Place Their Bets

In other ThredUp news, CFO Sean Sobers sold 45,554 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $4.43, for a total transaction of $201,804.22. Following the transaction, the chief financial officer directly owned 572,523 shares in the company, valued at $2,536,276.89. This represents a 7.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Homer sold 61,578 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $4.43, for a total transaction of $272,790.54. Following the completion of the sale, the chief operating officer directly owned 1,301,843 shares of the company’s stock, valued at $5,767,164.49. The trade was a 4.52% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 23.10% of the stock is currently owned by insiders.

ThredUp Price Performance

Shares of NASDAQ TDUP opened at $5.74 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.30. ThredUp Inc. has a fifty-two week low of $3.08 and a fifty-two week high of $12.28. The business has a 50 day moving average price of $5.63 and a two-hundred day moving average price of $4.89. The firm has a market cap of $740.69 million, a PE ratio of -35.88 and a beta of 1.97.

ThredUp (NASDAQ:TDUP) last announced its earnings results on Monday, May 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $81.67 million for the quarter, compared to analyst estimates of $80.17 million. ThredUp had a negative return on equity of 36.11% and a negative net margin of 6.68%. Sell-side analysts expect that ThredUp Inc. will post -0.09 earnings per share for the current fiscal year.

ThredUp 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.