Select Equity Group L.P. Invests $778,000 in Poshmark, Inc. (NASDAQ:POSH)

Select Equity Group L.P. acquired a new stake in shares of Poshmark, Inc. (NASDAQ:POSH) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 19,168 shares of the clothing resale marketplace’s stock, valued at approximately $778,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Royal Bank of Canada purchased a new stake in Poshmark in the first quarter worth approximately $34,000. Jacobi Capital Management LLC bought a new stake in shares of Poshmark in the 1st quarter worth approximately $53,000. UBS Group AG purchased a new stake in shares of Poshmark in the 1st quarter valued at $135,000. JPMorgan Chase & Co. bought a new position in shares of Poshmark during the 1st quarter valued at $233,000. Finally, TD Asset Management Inc. purchased a new position in Poshmark in the 1st quarter worth $304,000. Institutional investors own 7.60% of the company’s stock.

In other news, CFO Anan Kashyap sold 6,087 shares of the firm’s stock in a transaction that occurred on Friday, July 2nd. The stock was sold at an average price of $43.96, for a total value of $267,584.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO John Michael Mcdonald sold 4,936 shares of Poshmark stock in a transaction that occurred on Friday, July 2nd. The shares were sold at an average price of $43.96, for a total value of $216,986.56. Following the sale, the chief operating officer now owns 57,682 shares in the company, valued at $2,535,700.72. The disclosure for this sale can be found here. Insiders have sold a total of 14,315 shares of company stock worth $629,287 in the last ninety days.

Several analysts have issued reports on POSH shares. MKM Partners cut their price target on shares of Poshmark from $83.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, May 13th. Stifel Nicolaus upgraded Poshmark from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Monday, July 12th. JMP Securities decreased their price target on Poshmark from $85.00 to $57.00 and set a “market outperform” rating on the stock in a research note on Monday, May 17th. Raymond James lowered their price objective on Poshmark from $68.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, May 13th. Finally, Morgan Stanley cut their target price on shares of Poshmark from $52.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, May 13th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $59.00.

Shares of POSH traded down $0.02 during mid-day trading on Thursday, hitting $41.93. 1,403 shares of the company’s stock traded hands, compared to its average volume of 950,176. The stock has a market cap of $3.17 billion and a price-to-earnings ratio of 33.56. The business has a 50-day simple moving average of $42.95. Poshmark, Inc. has a 1 year low of $33.23 and a 1 year high of $104.98.

Poshmark (NASDAQ:POSH) last released its quarterly earnings results on Wednesday, May 12th. The clothing resale marketplace reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.08. The company 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 earned ($0.88) EPS. As a group, equities research analysts expect that Poshmark, Inc. will post -0.62 earnings per share for the current fiscal year.

Poshmark Profile

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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Institutional Ownership by Quarter for Poshmark (NASDAQ:POSH)

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