ThredUp Stock Is Staring Down New 52-Week Highs
ThredUp (TDUP) has strong technical indicators, is trading above its daily moving averages, and has a 100% technical 'buy' signal.
The company faces tough competition, but it has also demonstrated remarkable price appreciation over the past year.
Wall Street is generally bullish, with analysts issuing three 'Strong Buy' ratings on TDUP stock.
Today's Featured Stock:
Valued at $394 million, secondhand online retailer ThredUp (TDUP) is challenging its competition. The company is a component of the Russell 2000 Index (IWM).
What I'm Watching:
I found today's Chart of the Day by using Barchart's powerful screening functions. I sorted for stocks with the highest technical buy signals, superior current momentum in both strength and direction, and a Trend Seeker 'buy' signal. I then used Barchart's Flipchart feature to review the charts for consistent price appreciation. TDUP checks those boxes. Since the Trend Seeker signaled a 'buy' on April 7, the stock has gained 20.64%.
On the chart, you can note that the stock is trading above all of its daily moving averages and has rising prices on rising volume.
The stock has strong competition. Competitors are fierce and include The RealReal (REAL), Poshmark, and eBay (EBAY).
Barchart Technical Indicators for TDUP Stock:
Editor's Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.
When a stock is trading above all of its daily moving averages and closed within less than 1% of its 52-week high, it won't take much to hit another new high
ThredUphas a 100% technical 'buy' signal.
The stock closed at $3.39 on April 11 within 0.29% of its 52-week high of $3.40.
TDUP has a weighted alpha of +46.22
The stock has gained 97.09% over the past year.
Trend Seeker 'buy' signal intact.
TDUP is trading above its 20-, 50- and 100-day moving averages.
The stock has made 11 new highs and is up 47.83% in the last month.
The 14-day Relative Strength Index is at 73.83%
The technical support level is at $3.23.
Follow the Fundamentals:
Note the projected increases in both revenue and earnings.
Revenue is expected to grow 5.46% this year and another 6.78% next year.
Earnings are estimated to increase by 29.41% this year and by 10.26% next year.
Analyst and Investor Sentiment on ThredUp:
I don't buy stocks because everyone else is buying, but I do realize that if major firms and investors are dumping a stock, it's hard to make money swimming against the tide.
It looks like not only Wall Street analysts, but also many of the popular investing advisory services, are bullish on this stock.
Wall Street analysts issued three 'Strong Buy' and one 'Hold' opinion on the stock with a price target of $3.00.
Value Line gives the stock its average rating and comments: 'ThredUP, Inc. is transforming resale with technology and a mission to inspire a new generation of consumers to think secondhand first. By making it easy to buy and sell secondhand, ThredUP has become one of the world's largest resale platforms for women's and kids' apparel, shoes and accessories. Sellers love ThredUP because it makes it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price.'
CFRA's MarketScope gives the stock a 'Hold' rating.
MorningStar thinks the stock is 14% overvalued mainly because of its recent price run up.
Motley Fool investors are bearish. Of the 61 investors following the stock on Motley Fool, 16 investors think the stock will beat the market while 45 think it won't.
1,780 investors monitor the stock on Seeking Alpha, which rates the stock a 'Hold.'
The Bottom Line:
Currently TDUP has market momentum but it will have a hard time taking market share for some much bigger rivals.
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.
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