ThredUp shares are trading lower after the company reported worse-than-expected Q2 financial results and issued Q3, Q4 and FY24 revenue guidance below estimates. Also, Wells Fargo maintained an Overweight rating on the stock and lowered its price target from $5 to $3.
Portfolio Pulse from Benzinga Newsdesk
ThredUp shares are trading lower after the company reported worse-than-expected Q2 financial results and issued Q3, Q4, and FY24 revenue guidance below estimates. Wells Fargo maintained an Overweight rating on the stock but lowered its price target from $5 to $3.
August 06, 2024 | 3:21 pm
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ThredUp shares are trading lower due to worse-than-expected Q2 financial results and lower revenue guidance for Q3, Q4, and FY24. Wells Fargo maintained an Overweight rating but reduced the price target from $5 to $3.
The disappointing Q2 financial results and lower revenue guidance for the upcoming quarters and FY24 are likely to negatively impact investor sentiment. Additionally, the reduction in the price target by Wells Fargo, despite maintaining an Overweight rating, suggests a cautious outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100