Poshmark, Inc. (NASDAQ:POSH – Get Rating) was up 9.9% during mid-day trading on Friday . The stock traded as high as $12.52 and last traded at $12.49. Approximately 28,539 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 981,548 shares. The stock had previously closed at $11.36.
Wall Street Analyst Weigh In
Several analysts have issued reports on POSH shares. Barclays upgraded shares of Poshmark from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $13.00 to $17.00 in a research report on Monday, August 15th. Stifel Nicolaus raised their price target on shares of Poshmark from $12.00 to $13.00 in a research report on Tuesday, June 28th. MKM Partners restated a "neutral" rating and issued a $11.00 price target on shares of Poshmark in a research report on Thursday, July 28th. Cowen decreased their price target on shares of Poshmark to $22.00 and set a "na" rating on the stock in a research report on Monday, May 16th. Finally, The Goldman Sachs Group reduced their price objective on shares of Poshmark from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, June 9th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $18.00.
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Poshmark Trading Up 9.5 %
The stock has a market capitalization of $977.29 million, a P/E ratio of -16.45 and a beta of 0.29. The firm's fifty day moving average is $11.18 and its 200-day moving average is $11.71.
Poshmark (NASDAQ:POSH – Get Rating) last announced its quarterly earnings results on Thursday, August 11th. The clothing resale marketplace reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.03). Poshmark had a negative net
margin of 17.12% and a negative return on equity of 14.24%. The firm had revenue of $89.10 million for the quarter, compared to the consensus estimate of $87.40 million. During the same period in the prior year, the business earned ($0.04) earnings per share. The company's revenue for the quarter was up 8.9% on a year-over-year basis. Equities research analysts expect that Poshmark, Inc. will post -1.03 EPS for the current year.
Insiders Place Their Bets
In other Poshmark news, COO John Michael Mcdonald sold 4,298 shares of the business's stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $10.69, for a total value of $45,945.62. Following the completion of the transaction, the chief operating officer now directly owns 84,384 shares of the company's stock, valued at $902,064.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 37.96% of the company's stock.
Hedge Funds Weigh In On Poshmark
Institutional investors have recently modified their holdings of the stock. Point72 Hong Kong Ltd acquired a new stake in shares of Poshmark during the 2nd quarter worth approximately $43,000. Citigroup Inc. grew its position in shares of Poshmark by 94.1% during the 1st quarter. Citigroup Inc. now owns 5,319 shares of the clothing resale marketplace's stock worth $67,000 after buying an additional 2,579 shares during the period. Fifth Third Bancorp acquired a new stake in shares of Poshmark during the 1st quarter worth approximately $81,000. UBS Group AG grew its position in shares of Poshmark by 58.0% during the 1st quarter. UBS Group AG now owns 6,757 shares of the clothing resale marketplace's stock worth $86,000 after buying an additional 2,480 shares during the period. Finally, PEAK6 Investments LLC grew its position in shares of Poshmark by 211.8% during the 2nd quarter. PEAK6 Investments LLC now owns 10,771 shares of the clothing resale marketplace's stock worth $109,000 after buying an additional 20,403 shares during the period. 79.38% of the stock is owned by institutional investors.
Poshmark Company Profile
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Poshmark, Inc operates as a social marketplace for new and secondhand style products in the United States, Canada, India, and Australia. The company offers apparel, footwear, home, beauty, and pet products, as well as accessories. As of December 31, 2021, it had 7.6 million active buyers. The company was formerly known as GoshPosh, Inc and changed its name to Poshmark, Inc in 2011.
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