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

Renaissance Technologies LLC raised its stake in shares of ThredUp Inc. (NASDAQ:TDUP) by 75.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 978,745 shares of the company’s stock after buying an additional 420,012 shares during the quarter. Renaissance Technologies LLC’s holdings in ThredUp were worth $1,360,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp grew its stake in ThredUp by 0.9% during the third quarter. State Street Corp now owns 1,443,177 shares of the company’s stock valued at $1,215,000 after acquiring an additional 12,984 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in ThredUp by 32.1% in the 4th quarter. Wells Fargo & Company MN now owns 57,426 shares of the company’s stock valued at $80,000 after purchasing an additional 13,941 shares during the period. Virtu Financial LLC bought a new position in ThredUp in the 4th quarter valued at $33,000. Geode Capital Management LLC grew its position 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 purchasing an additional 26,326 shares in the last quarter. Finally, FIL Ltd increased its holdings in shares of ThredUp by 0.8% in the fourth quarter. FIL Ltd now owns 3,400,000 shares of the company’s stock worth $4,726,000 after purchasing an additional 27,000 shares during the period. 89.08% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other ThredUp news, Director Patricia Nakache sold 137,076 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $2.22, for a total value of $304,308.72. Following the completion of the sale, the director now owns 250,956 shares of the company’s stock, valued at $557,122.32. This represents a 35.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 2,409,618 shares of company stock valued at $6,624,413 over the last 90 days. Insiders own 27.00% of the company’s stock.

Wall Street Analyst Weigh In

TDUP has been the subject of several research analyst reports. Telsey Advisory Group lifted their price objective on ThredUp from $3.00 to $6.00 and gave the company an “outperform” rating in a research note on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of ThredUp in a report on Tuesday, March 4th.

ThredUp Stock Performance

NASDAQ TDUP opened at $4.29 on Tuesday. The company has a market capitalization 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. ThredUp Inc. has a 52-week low of $0.50 and a 52-week high of $4.47. The company has a fifty day moving average of $2.83 and a 200-day moving average of $2.00.

ThredUp 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.