Poshmark (NASDAQ:POSH) Posts Earnings Results, Beats Estimates By $0.08 EPS

Poshmark (NASDAQ:POSHGet Rating) released its quarterly earnings data on Thursday. The clothing resale marketplace reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.08, MarketWatch Earnings reports. The firm had revenue of $90.90 million for the quarter, compared to the consensus estimate of $87.66 million. Poshmark had a negative net margin of 30.47% and a negative return on equity of 10.97%. The firm’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.33) earnings per share. Poshmark updated its Q2 2022 guidance to EPS.

Shares of POSH opened at $12.04 on Friday. The company has a market capitalization of $935.39 million, a price-to-earnings ratio of -24.08 and a beta of 0.23. The company’s 50 day simple moving average is $12.29 and its 200 day simple moving average is $15.71. Poshmark has a 1 year low of $8.97 and a 1 year high of $52.39.

A number of analysts recently commented on the stock. Stifel Nicolaus decreased their price objective on shares of Poshmark from $15.00 to $12.00 in a report on Friday. Guggenheim decreased their price objective on shares of Poshmark from $22.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, March 23rd. Morgan Stanley decreased their price objective on shares of Poshmark from $20.00 to $18.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 23rd. Raymond James reduced their price target on shares of Poshmark from $29.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, March 23rd. Finally, Wedbush reduced their price target on shares of Poshmark from $23.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, March 23rd. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Poshmark has a consensus rating of “Hold” and a consensus target price of $18.50.

In related news, Director Hans Tung sold 110,576 shares of the company’s stock in a transaction that occurred on Monday, March 28th. The shares were sold at an average price of $13.18, for a total transaction of $1,457,391.68. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 300,266 shares of company stock worth $4,062,366 in the last three months.

Several institutional investors have recently added to or reduced their stakes in POSH. Renaissance Technologies LLC increased its position in shares of Poshmark by 104.8% in the first quarter. Renaissance Technologies LLC now owns 1,206,200 shares of the clothing resale marketplace’s stock worth $15,270,000 after acquiring an additional 617,100 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Poshmark by 5,862.5% in the first quarter. JPMorgan Chase & Co. now owns 451,842 shares of the clothing resale marketplace’s stock worth $5,721,000 after acquiring an additional 444,264 shares in the last quarter. BlackRock Inc. increased its position in shares of Poshmark by 139.9% in the fourth quarter. BlackRock Inc. now owns 639,804 shares of the clothing resale marketplace’s stock worth $10,897,000 after acquiring an additional 373,157 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Poshmark by 126.2% in the fourth quarter. Geode Capital Management LLC now owns 354,411 shares of the clothing resale marketplace’s stock worth $6,035,000 after acquiring an additional 197,737 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Poshmark in the first quarter worth $1,057,000. 73.07% of the stock is owned by institutional investors.

Poshmark Company Profile (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.

Recommended Stories

Earnings History for Poshmark (NASDAQ:POSH)

Receive News & Ratings for Poshmark Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Poshmark and related companies with MarketBeat.com's FREE daily email newsletter.