thredUP (TDUP) Gets a Buy from William BlairWe hosted management meetings with ThredUp CEO and founder James Reinhart and CFO Sean Sobers. The meetings come on the heels of a historic run, with shares up about 1,500% over the last 12 months (S&P 500 up 16% over the same time frame) where investors were looking for context around a name many had lost track of coming into 2024. There is tangible momentum in the business, fueled by renewed capacity and bandwidth to invest in the business following the divestiture of Europe, and one of the most dynamic use-cases for AI in our opinion across the consumer landscape. The rate of change in the business has accelerated, which in our view informs the stock move, and suggests a higher, more profitable level of structural growth in still some of the earliest innings of very real, very tangible initiatives within the business.