Poshmark (NASDAQ:POSH) PT Lowered to $12.00

Poshmark (NASDAQ:POSHGet Rating) had its price target cut by stock analysts at The Goldman Sachs Group from $14.00 to $12.00 in a report issued on Thursday, The Fly reports. The Goldman Sachs Group’s target price would suggest a potential upside of 4.62% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. JMP Securities began coverage on Poshmark in a research note on Wednesday, June 1st. They set a “market perform” rating for the company. Wedbush decreased their target price on Poshmark from $23.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, March 23rd. Morgan Stanley decreased their target price on Poshmark from $20.00 to $18.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 23rd. Cowen decreased 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, Guggenheim decreased their price target on Poshmark from $22.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, March 23rd. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Poshmark currently has a consensus rating of “Hold” and a consensus target price of $18.25.

Shares of NASDAQ:POSH traded down $0.45 on Thursday, hitting $11.47. The company’s stock had a trading volume of 694,017 shares, compared to its average volume of 1,140,692. Poshmark has a 12 month low of $8.97 and a 12 month high of $49.01. The company has a market capitalization of $891.07 million, a price-to-earnings ratio of -22.94 and a beta of 0.20. The stock’s 50-day moving average is $11.67 and its two-hundred day moving average is $14.28.

Poshmark (NASDAQ:POSHGet Rating) last announced its earnings results on Thursday, May 12th. The clothing resale marketplace reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.08. Poshmark had a negative return on equity of 9.37% and a negative net margin of 11.59%. The business had revenue of $90.90 million during the quarter, compared to analysts’ expectations of $87.66 million. During the same quarter last year, the business posted ($0.33) earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. On average, equities research analysts expect that Poshmark will post -0.97 earnings per share for the current year.

In related news, Director Hans Tung sold 10,900 shares of the stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $11.53, for a total value of $125,677.00. Following the completion of the sale, the director now directly owns 126,643 shares of the company’s stock, valued at approximately $1,460,193.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holdings (Private) Ltd Temasek sold 2,000,000 shares of the stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $10.65, for a total value of $21,300,000.00. Following the completion of the sale, the insider now directly owns 3,971,646 shares of the company’s stock, valued at $42,298,029.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,505,092 shares of company stock valued at $27,748,901.

Institutional investors and hedge funds have recently bought and sold shares of the company. Ensign Peak Advisors Inc purchased a new stake in shares of Poshmark during the 4th quarter worth about $60,000. Citigroup Inc. raised its stake 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 purchasing an additional 2,579 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of Poshmark during the 1st quarter worth about $81,000. UBS Group AG raised its stake 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 purchasing an additional 2,480 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Poshmark by 415.6% during the 4th quarter. Advisors Asset Management Inc. now owns 5,965 shares of the clothing resale marketplace’s stock worth $102,000 after purchasing an additional 4,808 shares in the last quarter. 73.07% of the stock is owned by institutional investors.

About Poshmark (Get Rating)

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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