Short Interest in Poshmark, Inc. (NASDAQ:POSH) Declines By 17.0%

Poshmark, Inc. (NASDAQ:POSHGet Rating) was the recipient of a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 4,930,000 shares, a decline of 17.0% from the June 30th total of 5,940,000 shares. Based on an average trading volume of 1,190,000 shares, the days-to-cover ratio is presently 4.1 days. Currently, 12.1% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on POSH. JMP Securities began coverage on shares of Poshmark in a research note on Wednesday, June 1st. They set a “market perform” rating on the stock. The Goldman Sachs Group cut their price target on shares of Poshmark from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, June 9th. Stifel Nicolaus boosted their price target on shares of Poshmark from $12.00 to $13.00 in a research note on Tuesday, June 28th. Raymond James lowered shares of Poshmark from an “outperform” rating to a “market perform” rating in a research note on Wednesday, June 29th. Finally, Cowen cut their target price on shares of Poshmark to $22.00 and set a “na” rating on the stock in a research note on Monday, May 16th. Eleven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Poshmark has a consensus rating of “Hold” and an average target price of $18.25.

Poshmark Stock Up 3.2 %

Shares of POSH opened at $11.86 on Friday. The stock has a 50 day moving average price of $10.93 and a 200 day moving average price of $12.38. The company has a market capitalization of $921.37 million, a price-to-earnings ratio of -23.72 and a beta of 0.40. Poshmark has a 52-week low of $8.97 and a 52-week high of $35.88.

Poshmark (NASDAQ:POSHGet Rating) last posted its quarterly earnings data 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. The business had revenue of $90.90 million during the quarter, compared to the consensus estimate of $87.66 million. Poshmark had a negative return on equity of 9.37% and a negative net margin of 11.59%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.33) earnings per share. On average, equities analysts anticipate that Poshmark will post -0.97 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Holdings (Private) Ltd Temasek sold 2,000,000 shares of the business’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $10.65, for a total transaction of $21,300,000.00. Following the transaction, the insider now owns 3,971,646 shares of the company’s stock, valued at approximately $42,298,029.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related 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 sale, 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 legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holdings (Private) Ltd Temasek sold 2,000,000 shares of the business’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $10.65, for a total transaction of $21,300,000.00. Following the completion of the sale, the insider now owns 3,971,646 shares in the company, valued at $42,298,029.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,212,361 shares of company stock valued at $23,770,851.

Institutional Investors Weigh In On Poshmark

Large investors have recently modified their holdings of the company. Citigroup Inc. boosted its holdings in shares of Poshmark by 94.1% in the first quarter. Citigroup Inc. now owns 5,319 shares of the clothing resale marketplace’s stock valued at $67,000 after acquiring an additional 2,579 shares during the period. Fifth Third Bancorp purchased a new stake in shares of Poshmark during the first quarter worth approximately $81,000. UBS Group AG raised its stake in shares of Poshmark by 58.0% during the first 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Poshmark by 481.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,884 shares of the clothing resale marketplace’s stock worth $168,000 after purchasing an additional 8,184 shares during the last quarter. Finally, Maverick Capital Ltd. purchased a new stake in shares of Poshmark during the first quarter worth approximately $134,000. 73.07% of the stock is owned by institutional investors and hedge funds.

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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