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Patricia Nakache, a director of ThredUp Inc. (NASDAQ:TDUP), has sold shares worth approximately $2.77 million, as per a recent SEC filing. The transactions took place over several days in January, with shares sold at prices ranging from $1.95 to $2.26. The sales come as ThredUp, currently valued at $248.6 million, has seen its stock surge over 68% in the past week alone. According to InvestingPro analysis, the stock's RSI indicates overbought territory.
On January 14, Nakache sold 625,498 shares, with the share prices averaging around $1.95. The following day, January 15, she sold an additional 510,122 shares at an average price of $2.18. The transactions continued on January 16, with 195,337 shares sold at an average price of $2.26. These sales were executed through various Trinity Ventures funds, where Nakache holds a management position. InvestingPro data shows the stock is currently trading near its Fair Value, with 10+ additional exclusive insights available to subscribers.
The sales were made under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks, helping them to avoid potential accusations of insider trading. Nakache's transactions reflect her indirect ownership through Trinity Ventures X, L.P. and associated funds. Following these transactions, Nakache retains a direct ownership of 250,956 shares. For comprehensive insider trading analysis and detailed financial metrics, access ThredUp's complete Pro Research Report on InvestingPro.
In other recent news, ThredUp Inc. has been making significant strides in their operations. The company reported a 9% increase in revenue and an adjusted EBITDA margin greater than 6% in the U.S. market, according to Needham analysts. The firm maintained a Hold rating for ThredUp, attributing the positive performance to the company's recovery from previous self-inflicted issues and its investments in AI products and automation.
ThredUp's shares surged by 25% following the announcement of strong preliminary financial results for its fourth quarter. The company's focus on the domestic market and the implementation of AI-driven enhancements to its platform were credited for the quarter's success.
ThredUp has also successfully regained compliance with the minimum bid price requirements for continued listing on both The Nasdaq Global Select Market and the Long Term Stock Exchange (LTSE). This achievement comes after the company was previously notified of non-compliance in September 2024.
In a strategic move, ThredUp divested its European business, Remix, through a management buyout, allowing the company to concentrate on its primary U.S. market. The company maintains a minority stake in Remix and provided Remix with a $2 million cash infusion to support its operations.
Lastly, ThredUp reported robust financial results for the third quarter of 2024, surpassing expectations and revising its forecasts upward for the fourth quarter and the full year. The company's Gross Merchandise Value (GMV) saw a 7% year-over-year increase, reaching $457 million, with significant gains in new buyer acquisition and retention.
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