U.S. secondhand apparel resale platform ThredUp (NASDAQ:TDUP) latest 13F filing shows a clear divergence in its institutional shareholder base in Q2. Hedge fund Squarepoint Ops LLC cut its stake by 72.6% during the quarter, selling 1,197,770 shares and leaving it with just 452,320 shares, worth about $3.098 million, or roughly 0.34% of the company's total shares outstanding.

In contrast to Squarepoint's retreat, several institutions added to their positions against the trend in the same period. Invesco Ltd. boosted its stake by 3,682.1% in Q2, buying 1,105,332 shares to reach 1,135,351 shares, worth about $8.504 million; Readystate Asset Management LP raised its stake by 197.4% over the same period to 1,508,736 shares, worth about $10.335 million. In earlier quarters, Woodson Capital Management LP opened a new position of about $11.502 million in Q4, CI Investments Inc. opened a new position of about $5.937 million in Q1, and Arrowstreet Capital Limited Partnership increased its stake by 263.7% in Q3 to 2,056,345 shares (about $19.432 million). Institutions and hedge funds currently hold a combined roughly 89.08% of ThredUp.

On the insider side, Chief Operating Officer Christopher Homer and Chief Financial Officer Sean Sobers each sold shares on September 2: the former sold 60,230 shares at an average price of $2.58, raising about $155,400 and reducing his holdings by 4.23%; the latter sold 44,559 shares at an average price of $2.58, raising about $115,000 and reducing his holdings by 6.77%. Both transactions were made to satisfy tax withholding obligations upon vesting of equity awards. Insiders collectively hold 23.10% of the company.

In terms of market performance, TDUP opened Monday at $2.61, with a market cap of $342.77 million, a P/E ratio of -15.35, and a beta of 1.97; its 52-week range is $2.48 to $11.08, and its 50-day and 200-day moving averages are $4.42 and $4.47, respectively. Both the current and quick ratios stand at 0.99, and the debt-to-equity ratio is 0.29. The company's quarterly results released on August 5 showed a loss of $0.05 per share, $0.02 wider than market expectations; quarterly revenue was $90.77 million, slightly above the expected $90.34 million; the net profit margin was -6.65%, and return on equity was -37.30%. Sell-side analysts expect a loss of $0.17 per share for the fiscal year.

Several research firms recently updated their ratings: Weiss Ratings reiterated a "Sell (e+)" on June 24; Telsey Advisory Group lowered its price target to $6 from $7 on August 6 while maintaining "Outperform"; Roth Capital reiterated "Buy" and a $6.50 price target the same day. The stock currently has four "Buy" ratings and one "Sell," for a consensus rating of "Moderate Buy" and an average price target of $6.55.

ThredUp operates an online consignment and secondhand marketplace where consumers can buy and sell used clothing and accessories, mainly women's and children's apparel. Sellers can request a "Clean Out Kit" to send in idle clothing, and the platform offers a discounted shopping experience backed by its own authentication, quality control, and logistics capabilities. Beyond its core C2C business, the company also provides brands with managed resale services through Resale-as-a-Service (RaaS).

Source: ThredUp Inc. $TDUP Stock Position Lowered by Squarepoint Ops LLC · Originally published 2026-09-14