Poshmark (NASDAQ:POSH) Stock Price Down 4.7%

Poshmark, Inc. (NASDAQ:POSH)’s share price fell 4.7% during mid-day trading on Wednesday . The stock traded as low as $43.58 and last traded at $43.74. 15,438 shares changed hands during trading, a decline of 98% from the average session volume of 772,664 shares. The stock had previously closed at $45.88.

Several research firms have issued reports on POSH. JMP Securities dropped their price objective on Poshmark from $85.00 to $57.00 and set a “market outperform” rating for the company in a research note on Monday, May 17th. Cowen lowered their target price on 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 Poshmark from a “sell” rating to a “hold” rating in a research note on Tuesday, May 18th. Morgan Stanley lowered their target price on Poshmark from $52.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, May 13th. Finally, MKM Partners lowered their price objective on Poshmark from $83.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, May 13th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $60.88.

The business has a 50-day moving average price of $42.98. The stock has a market cap of $3.34 billion and a PE ratio of 35.91.

Poshmark (NASDAQ:POSH) last issued its earnings results on Wednesday, May 12th. The clothing resale marketplace reported ($0.33) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.08. The company had revenue of $80.96 million for the quarter, compared to the consensus estimate of $76.97 million. During the same quarter last year, the business posted ($0.88) EPS. Poshmark’s quarterly revenue was up 41.8% on a year-over-year basis. Equities analysts forecast that Poshmark, Inc. will post -0.62 EPS for the current fiscal year.

In other news, CFO Anan Kashyap sold 21,588 shares of Poshmark stock in a transaction dated Tuesday, April 6th. The stock was sold at an average price of $42.28, for a total transaction of $912,740.64. Following the transaction, the chief financial officer now owns 21,588 shares in the company, valued at approximately $912,740.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO John Michael Mcdonald sold 17,514 shares of Poshmark stock in a transaction dated Tuesday, April 6th. The shares were sold at an average price of $42.28, for a total value of $740,491.92. Following the transaction, the chief operating officer now owns 17,514 shares in the company, valued at approximately $740,491.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,755 shares of company stock worth $2,145,921.

Several large investors have recently added to or reduced their stakes in POSH. Price T Rowe Associates Inc. MD bought a new position in shares of Poshmark during the 1st quarter valued at about $39,539,000. Dragoneer Investment Group LLC bought a new position in shares of Poshmark during the 1st quarter valued at about $22,330,000. Ameriprise Financial Inc. bought a new position in shares of Poshmark during the 1st quarter valued at about $22,120,000. FIL Ltd bought a new position in shares of Poshmark during the 1st quarter valued at about $9,710,000. Finally, Alpine Global Management LLC bought a new position in shares of Poshmark during the 1st quarter valued at about $7,187,000. Institutional investors and hedge funds own 7.66% of the company’s stock.

Poshmark Company Profile (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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