Poshmark, Inc. (NASDAQ:POSH)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $35.30, but opened at $38.71. Poshmark shares last traded at $37.29, with a volume of 2,991 shares trading hands.
POSH has been the subject of several research reports. JMP Securities reduced their target price on shares of Poshmark from $85.00 to $57.00 and set a “market outperform” rating for the company in a research note on Monday, May 17th. Raymond James reduced their target price on shares of Poshmark from $68.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday. Cowen reduced their target price on shares of Poshmark from $88.00 to $70.00 and set an “outperform” rating for the company in a research note on Friday, March 12th. Zacks Investment Research upgraded shares of Poshmark from a “sell” rating to a “hold” rating in a research note on Tuesday, May 18th. Finally, Morgan Stanley reduced their target price on shares of Poshmark from $52.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Poshmark presently has an average rating of “Buy” and a consensus price target of $60.88.
The firm’s 50 day moving average is $40.96. The stock has a market cap of $2.93 billion and a P/E ratio of 31.22.
Poshmark (NASDAQ:POSH) last posted its earnings results on Wednesday, May 12th. The clothing resale marketplace reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.08. The firm had revenue of $80.96 million during the quarter, compared to the consensus estimate of $76.97 million. The business’s revenue was up 41.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.88) EPS. On average, equities research analysts predict that Poshmark, Inc. will post -0.62 earnings per share for the current year.
In other news, CFO Anan Kashyap sold 21,588 shares of the business’s stock in a transaction on Tuesday, April 6th. The shares were sold at an average price of $42.28, for a total value of $912,740.64. Following the completion of the transaction, the chief financial officer now owns 21,588 shares of the company’s stock, valued at approximately $912,740.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO John Michael Mcdonald sold 17,514 shares of the business’s stock in a transaction on Tuesday, April 6th. The shares were sold at an average price of $42.28, for a total transaction of $740,491.92. Following the completion of the transaction, the chief operating officer now directly owns 17,514 shares of the company’s stock, valued at approximately $740,491.92. The disclosure for this sale can be found here. Insiders have sold a total of 50,755 shares of company stock valued at $2,145,921 in the last ninety days.
Hedge funds have recently made changes to their positions in the company. Avidian Wealth Solutions LLC acquired a new position in shares of Poshmark in the 1st quarter valued at $357,000. TD Asset Management Inc. bought a new stake in Poshmark in the 1st quarter valued at $304,000. Quadrature Capital Ltd bought a new stake in Poshmark in the 1st quarter valued at $1,093,000. Caas Capital Management LP bought a new stake in Poshmark in the 1st quarter valued at $2,639,000. Finally, Bank of Montreal Can bought a new stake in Poshmark in the 1st quarter valued at $501,000. 0.01% of the stock is owned by institutional investors.
About Poshmark (NASDAQ:POSH)
Poshmark, Inc operates as a social marketplace for new and secondhand style products in the United States, Canada, and Australia. The company offers apparel, footwear, home, beauty, and pet products, as well as accessories. As of December 31, 2020, it had 6.5 million active buyers. The company was formerly known as GoshPosh, Inc and changed its name to Poshmark, Inc in 2011.
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