Zweig DiMenna Associates LLC Buys 916,000 Shares of ThredUp Inc. $TDUP

Zweig DiMenna Associates LLC increased its position in ThredUp Inc. (NASDAQ:TDUP) by 170.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,454,500 shares of the company’s stock after acquiring an additional 916,000 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in ThredUp were worth $4,771,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of ThredUp in the second quarter worth approximately $32,000. R Squared Ltd bought a new stake in shares of ThredUp during the 1st quarter valued at $34,000. Quarry LP purchased a new position in shares of ThredUp during the 3rd quarter valued at $37,000. Abel Hall LLC purchased a new position in shares of ThredUp during the 1st quarter valued at $39,000. Finally, Meeder Asset Management Inc. lifted its stake in shares of ThredUp by 552.9% during the 4th 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 in the last quarter. Institutional investors own 89.08% of the company’s stock.

ThredUp Trading Up 2.6%

ThredUp stock opened at $6.34 on Wednesday. The stock has a market cap of $818.11 million, a P/E ratio of -39.62 and a beta of 1.97. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.95. ThredUp Inc. has a 1 year low of $3.08 and a 1 year high of $12.28. The firm’s 50 day moving average price is $5.38 and its 200-day moving average price is $4.88.

ThredUp (NASDAQ:TDUP) last released its earnings results on Monday, May 4th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). ThredUp had a negative net margin of 6.68% and a negative return on equity of 36.11%. The firm had revenue of $81.67 million for the quarter, compared to the consensus estimate of $80.17 million. On average, equities analysts predict that ThredUp Inc. will post -0.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other ThredUp news, COO Christopher Homer sold 61,578 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $4.43, for a total value of $272,790.54. Following the sale, the chief operating officer owned 1,301,843 shares in the company, valued at $5,767,164.49. The trade was a 4.52% decrease in their position. The sale was disclosed in a document filed 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, CFO Sean Sobers sold 45,554 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $4.43, for a total transaction of $201,804.22. Following the completion of the sale, the chief financial officer owned 572,523 shares in the company, valued at approximately $2,536,276.89. The trade was a 7.37% 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. Insiders own 23.10% of the company’s stock.

About ThredUp

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.