ThredUp: Secondhand Goods, Secondhand Stock

Article by The Value Investor. Seeking Alpha – March 30, 2021.

Summary

• ThredUp aims to become the marketplace for secondhand apparel and luxury.

• The company has seen promising growth in recent years, but growth has turned negative amidst Covid-19.

• This negative trend and a premium valuation make me cautious, as the stock has been performing very well right out of the gate.

ThredUp (TDUP) is a savvy play on the current social trends and momentum as it is a marketplace for secondhand apparel and fashion to be more precise. While the promise looks good and key metrics look reasonable, I am underwhelmed by the successful offering in a difficult environment for technology stocks, certainly as the company has posted negative year-over-year trends in recent times. […]

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