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Poshmark (NASDAQ:POSH) Trading 9.9% Higher

Defense World · Sep 11, 2022 03:41

Shares of Poshmark, Inc. (NASDAQ:POSH – Get Rating) traded up 9.9% during trading on Friday . The company traded as high as $12.52 and last traded at $12.49. 28,539 shares were traded during trading, a decline of 97% from the average session volume of 981,548 shares. The stock had previously closed at $11.36.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. JMP Securities assumed coverage on shares of Poshmark in a report on Wednesday, June 1st. They set a "market perform" rating on the stock. Morgan Stanley lowered their price target on Poshmark from $17.00 to $16.00 and set an "equal weight" rating for the company in a research report on Friday, August 12th. Raymond James lowered Poshmark from an "outperform" rating to a "market perform" rating in a research report on Wednesday, June 29th. Cowen lowered their price target on Poshmark to $22.00 and set a "na" rating for the company in a research report on Monday, May 16th. Finally, Stifel Nicolaus lifted their price target on Poshmark from $12.00 to $13.00 in a research report on Tuesday, June 28th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $18.00.

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Poshmark Stock Performance

The stock has a market cap of $1.02 billion, a PE ratio of -17.24 and a beta of 0.29. The company's 50-day moving average price is $11.23 and its 200 day moving average price is $11.70.

Poshmark (NASDAQ:POSH – Get Rating) last released its quarterly earnings results on Thursday, August 11th. The clothing resale marketplace reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.03). The business had revenue of $89.10 million for the quarter, compared to analysts' expectations of $87.40 million. Poshmark had a negative net margin of 17.12% and a negative return on equity of 14.24%. Poshmark's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) EPS. On average, sell-side analysts anticipate that Poshmark, Inc. will post -1.02 earnings per share for the current fiscal year.

Insider Activity at Poshmark

In related news, COO John Michael Mcdonald sold 4,298 shares of the business's stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $10.69, for a total transaction of $45,945.62. Following the completion of the transaction, the chief operating officer now directly owns 84,384 shares in the company, valued at approximately $902,064.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 37.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Northern Trust Corp boosted its stake in Poshmark by 1.0% in the 1st quarter. Northern Trust Corp now owns 90,832 shares of the clothing resale marketplace's stock worth $1,149,000 after purchasing an additional 919 shares during the period. Select Equity Group L.P. boosted its stake in Poshmark by 4.2% in the 4th quarter. Select Equity Group L.P. now owns 38,272 shares of the clothing resale marketplace's stock worth $652,000 after purchasing an additional 1,539 shares during the period. UBS Group AG boosted its stake in Poshmark by 58.0% in the 1st quarter. UBS Group AG now owns 6,757 shares of the clothing resale marketplace's stock worth $86,000 after purchasing an additional 2,480 shares during the period. Citigroup Inc. boosted its stake in Poshmark by 94.1% in the 1st quarter. Citigroup Inc. now owns 5,319 shares of the clothing resale marketplace's stock worth $67,000 after purchasing an additional 2,579 shares during the period. Finally, Advisor Group Holdings Inc. boosted its stake in Poshmark by 30.1% in the 4th quarter. Advisor Group Holdings Inc. now owns 12,247 shares of the clothing resale marketplace's stock worth $208,000 after purchasing an additional 2,833 shares during the period. 79.38% of the stock is currently owned by institutional investors.

About Poshmark

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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.