ThredUp (NASDAQ:TDUP) Stock Price Target Cut by Wells Fargo & Company

ThredUp (NASDAQ:TDUP) had its target price cut by research analysts at Wells Fargo & Company from $8.00 to $3.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 36.99% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. TD Cowen began coverage on shares of ThredUp in a report on Friday, October 30th. They set a “strong-buy” rating on the stock. Telsey Advisory Group reduced their target price on shares of ThredUp from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. William Blair downgraded ThredUp from an “outperform” rating to a “market perform” rating in a research report on Thursday. Roth Capital restated a “buy” rating and set a $6.50 price target on shares of ThredUp in a research note on Thursday, August 6th. Finally, Weiss Ratings raised ThredUp from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $4.64.

ThredUp Stock Performance

TDUP opened at $2.19 on Thursday. The stock has a market cap of $287.61 million, a PE ratio of -12.88 and a beta of 2.18. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.29. ThredUp has a twelve month low of $1.91 and a twelve month high of $8.76. The business’s 50 day moving average is $2.36 and its 200-day moving average is $4.11.

ThredUp (NASDAQ:TDUP) last announced its earnings results on Wednesday, November 4th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $88.23 million for the quarter, compared to analysts’ expectations of $88.05 million. ThredUp had a negative return on equity of 37.30% and a negative net margin of 6.65%. On average, analysts predict that ThredUp will post -0.17 earnings per share for the current year.

Insider Activity

In other news, CFO Sean Sobers sold 44,559 shares of the business’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 value of $114,962.22. Following the transaction, the chief financial officer directly owned 613,503 shares of the company’s stock, valued at $1,582,837.74. The trade was a 6.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $2.58, for a total value of $155,393.40. Following the sale, the chief operating officer owned 1,363,358 shares in the company, valued at $3,517,463.64. The trade was 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. Corporate insiders own 23.10% of the company’s stock.

Hedge Funds Weigh In On ThredUp

A number of large investors have recently modified their holdings of the stock. R Squared Ltd bought a new stake in ThredUp in the first quarter valued at approximately $34,000. Abel Hall LLC acquired a new stake in ThredUp during the 1st quarter worth approximately $39,000. IFP Advisors Inc increased its stake in ThredUp by 634.8% during the 2nd quarter. IFP Advisors Inc now owns 7,039 shares of the company’s stock worth $48,000 after acquiring an additional 6,081 shares during the period. Vise Technologies Inc. bought a new position in ThredUp during the 3rd quarter worth $59,000. Finally, HB Wealth Management LLC acquired a new position in ThredUp in the 2nd quarter valued at $71,000. 89.08% of the stock is currently owned by institutional investors and hedge funds.

ThredUp Company Profile

ThredUp Inc operates an online resale platform for secondhand apparel, shoes and accessories. Through its marketplace, consumers can shop for pre-owned women’s and children’s clothing and related products, while individuals can send in unwanted items for resale through the company’s “Clean Out” service.

ThredUp manages much of the resale process, including receiving, inspecting, photographing, pricing, listing and fulfilling merchandise. The company also provides resale-as-a-service solutions that enable brands and retailers to offer or support secondhand programs, helping them participate in the growing circular fashion market.

Founded in 2009, ThredUp initially focused on children’s clothing before expanding into women’s apparel and broader fashion categories.