ThredUp Inc. (NASDAQ:TDUP) Sees Large Decrease in Short Interest

ThredUp Inc. (NASDAQ:TDUP) was the target of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 4,070,000 shares, a decline of 17.9% from the January 15th total of 4,960,000 shares. Currently, 5.0% of the shares of the company are short sold. Based on an average daily volume of 1,010,000 shares, the short-interest ratio is currently 4.0 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Telsey Advisory Group increased their target price on ThredUp from $2.00 to $3.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Needham & Company LLC reissued a “hold” rating on shares of ThredUp in a research note on Friday.

Insider Activity

In related news, Director Daniel J. Nova acquired 24,897 shares of ThredUp stock in a transaction on Wednesday, November 27th. The stock was purchased at an average cost of $1.47 per share, with a total value of $36,598.59. Following the purchase, the director now directly owns 303,930 shares in the company, valued at approximately $446,777.10. The trade was a 8.92 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patricia Nakache sold 86,777 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $2.51, for a total value of $217,810.27. Following the sale, the director now directly owns 250,956 shares of the company’s stock, valued at approximately $629,899.56. This represents a 25.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 160,685 shares of company stock valued at $212,238 and sold 2,384,338 shares valued at $5,315,309. Company insiders own 34.42% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Needham Investment Management LLC grew its holdings in ThredUp by 7.2% in the third quarter. Needham Investment Management LLC now owns 6,200,000 shares of the company’s stock valued at $5,220,000 after purchasing an additional 415,000 shares during the period. FIL Ltd grew its stake in shares of ThredUp by 0.8% during the 4th quarter. FIL Ltd now owns 3,400,000 shares of the company’s stock valued at $4,726,000 after buying an additional 27,000 shares during the period. Geode Capital Management LLC grew its stake in shares of ThredUp by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 1,915,620 shares of the company’s stock valued at $2,663,000 after buying an additional 26,326 shares during the period. Marshall Wace LLP increased its holdings in shares of ThredUp by 134.5% during the 4th quarter. Marshall Wace LLP now owns 1,521,138 shares of the company’s stock worth $2,114,000 after buying an additional 872,357 shares during the last quarter. Finally, State Street Corp raised its position 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 worth $1,215,000 after buying an additional 12,984 shares during the period. Institutional investors and hedge funds own 89.08% of the company’s stock.

ThredUp Trading Down 0.4 %

TDUP opened at $2.66 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 0.96. The stock’s 50 day simple moving average is $1.88 and its 200 day simple moving average is $1.29. ThredUp has a 1-year low of $0.50 and a 1-year high of $2.75.

ThredUp Company Profile

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.