Balanced Outlook on thredUP: Growth Potential Amid Valuation ConcernsWe reiterate our Hold rating on TDUP after a strong 3Q marked by accelerating growth, record new-buyer adds at historically low CACs. Despite the strong performance, TDUP is not standing still, adding a revamped customer experience to help search and discovery, and is early days in launching peer to peer (P2P). P2P selling seems like it could be a nice supply TAM expander, TDUP's third new product aimed at increasing supply to go along with RaaS and premium kits. Importantly, we view this as a relatively low risk investment given the high contribution margin and limited capital needs. Valuation and the fear that this is as good as it gets for TDUP keeps us still on the sidelines, but admittedly, the growth prospects for the company continue to improve as product enhancements are driving results.