Wells Fargo & Company Has Lowered Expectations for ThredUp (NASDAQ:TDUP) Stock Price

ThredUp (NASDAQ:TDUP) had its target price reduced by investment analysts at Wells Fargo & Company from $8.00 to $3.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 133.46% from the company’s previous close.

Other research analysts have also issued research reports about the company. Roth Capital restated a “buy” rating and set a $6.50 price objective on shares of ThredUp in a research report on Thursday, August 6th. Northland Securities lowered ThredUp from an “outperform” rating to a “market perform” rating and set a $2.00 target price on the stock. in a research report on Thursday. Telsey Advisory Group cut their target price on ThredUp from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. William Blair lowered shares of ThredUp from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Weiss Ratings raised shares of ThredUp from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.64.

ThredUp Stock Performance

TDUP stock traded down $0.17 during midday trading on Thursday, reaching $1.28. The company had a trading volume of 2,490,598 shares, compared to its average volume of 1,577,794. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $2.30 and a 200 day moving average price of $4.07. ThredUp has a fifty-two week low of $1.28 and a fifty-two week high of $8.76. The firm has a market capitalization of $168.76 million, a PE ratio of -7.14 and a beta of 2.18.

ThredUp (NASDAQ:TDUP) last posted its earnings results on Wednesday, November 4th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $88.23 million during the quarter, compared to analyst estimates of $88.05 million. ThredUp had a negative return on equity of 37.30% and a negative net margin of 6.65%. Analysts anticipate that ThredUp will post -0.17 earnings per share for the current year.

Insider Activity at ThredUp

In other ThredUp news, COO Christopher Homer sold 60,230 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $2.58, for a total transaction of $155,393.40. Following the completion of the transaction, the chief operating officer owned 1,363,358 shares in the company, valued at approximately $3,517,463.64. The trade was a 4.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sean Sobers sold 44,559 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 $114,962.22. Following the completion of the transaction, the chief financial officer directly owned 613,503 shares of the company’s stock, valued at approximately $1,582,837.74. The trade was a 6.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 23.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On ThredUp

A number of hedge funds and other institutional investors have recently modified their holdings of TDUP. Russell Investments Group Ltd. lifted its holdings in ThredUp by 29.1% in the third quarter. Russell Investments Group Ltd. now owns 42,737 shares of the company’s stock worth $91,000 after purchasing an additional 9,630 shares during the period. ProShare Advisors LLC grew its position in ThredUp by 5,274.0% in the 3rd quarter. ProShare Advisors LLC now owns 740,542 shares of the company’s stock valued at $1,570,000 after buying an additional 726,762 shares in the last quarter. Vise Technologies Inc. acquired a new position in ThredUp during the 3rd quarter valued at about $59,000. WINTON GROUP Ltd acquired a new position in ThredUp during the 2nd quarter valued at about $320,000. Finally, Integrated Wealth Concepts LLC acquired a new position in ThredUp during the 2nd quarter valued at about $86,000. 89.08% of the stock is currently owned by institutional investors.

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.