17
June
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ThredUp Soars on Price Target Bump By Investing.com
in News
By Christiana Sciaudone
Investing.com — ThredUp Inc (NASDAQ:TDUP) jumped 19% after KeyBanc bumped the price target higher.
Analyst Edward Yruma raised the price target to $32 from $2 while maintaining a buy-equivalent rating, StreetInsider reported.
The online secondhand clothing retailer went public in March with shares soaring. They subsequently stumbled, but are now trading close to a record. The market for secondhand goods is expected to hit $64 billion by 2024, up from $28 billion in 2019, according to ThredUp.
Rival Poshmark Inc (NASDAQ:POSH) also rose 2%. It went public in January, but has since tumbled by almost half.
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