Renaissance Technologies LLC Purchases 420,012 Shares of ThredUp Inc. (NASDAQ:TDUP)

Renaissance Technologies LLC lifted its position in shares of ThredUp Inc. (NASDAQ:TDUP - Free Report) by 75.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 978,745 shares of the company's stock after purchasing an additional 420,012 shares during the period. Renaissance Technologies LLC owned 0.86% of ThredUp worth $1,360,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TDUP. Virtu Financial LLC bought a new position in shares of ThredUp during the 4th quarter worth approximately $33,000. O Shaughnessy Asset Management LLC bought a new stake in ThredUp during the fourth quarter worth $64,000. Wells Fargo & Company MN boosted its position in ThredUp by 32.1% in the fourth quarter. Wells Fargo & Company MN now owns 57,426 shares of the company's stock worth $80,000 after purchasing an additional 13,941 shares during the last quarter. Barclays PLC grew its stake in ThredUp by 278.7% in the 3rd quarter. Barclays PLC now owns 104,018 shares of the company's stock valued at $87,000 after purchasing an additional 76,553 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in ThredUp by 450.6% in the 4th quarter. JPMorgan Chase & Co. now owns 201,755 shares of the company's stock valued at $280,000 after purchasing an additional 165,115 shares during the period. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

ThredUp Trading Up 2.1 %

Shares of TDUP opened at $4.29 on Tuesday. ThredUp Inc. has a fifty-two week low of $0.50 and a fifty-two week high of $4.47. The business has a 50-day moving average of $2.83 and a 200 day moving average of $2.00. The firm has a market cap of $498.48 million, a P/E ratio of -6.70 and a beta of 1.64. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 0.96.

Insiders Place Their Bets

In related news, Director Patricia Nakache sold 34,798 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $2.19, for a total transaction of $76,207.62. Following the sale, the director now directly owns 250,956 shares in the company, valued at approximately $549,593.64. This represents a 12.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 2,409,618 shares of company stock worth $6,624,413 over the last quarter. 27.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TDUP shares. Needham & Company LLC reissued a "hold" rating on shares of ThredUp in a report on Tuesday, March 4th. Telsey Advisory Group boosted their target price on shares of ThredUp from $3.00 to $6.00 and gave the company an "outperform" rating in a research note on Monday.

About ThredUp

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.

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