Jacobi Capital Management LLC Makes New $53,000 Investment in Poshmark, Inc. (NASDAQ:POSH)

Jacobi Capital Management LLC bought a new position in shares of Poshmark, Inc. (NASDAQ:POSH) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,305 shares of the clothing resale marketplace’s stock, valued at approximately $53,000.

Several other large investors have also recently made changes to their positions in POSH. BlackRock Inc. bought a new position in shares of Poshmark in the 1st quarter worth about $5,559,000. SherpaCapital LLC purchased a new stake in Poshmark in the first quarter worth about $1,484,000. Finally, Avidian Wealth Solutions LLC bought a new position in shares of Poshmark during the first quarter valued at approximately $357,000. 7.66% of the stock is owned by hedge funds and other institutional investors.

Shares of POSH stock opened at $45.03 on Friday. Poshmark, Inc. has a 12-month low of $33.23 and a 12-month high of $104.98. The stock has a market capitalization of $3.41 billion and a PE ratio of 36.02. The stock has a 50 day moving average of $42.27.

Poshmark (NASDAQ:POSH) last released its quarterly 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 firm had revenue of $80.96 million during the quarter, compared to analysts’ expectations of $76.97 million. The business’s quarterly revenue was up 41.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.88) earnings per share. Equities research analysts expect that Poshmark, Inc. will post -0.62 EPS for the current fiscal year.

A number of research analysts recently weighed in on POSH shares. MKM Partners reduced 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. Raymond James lowered their price target on Poshmark from $68.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, May 13th. Zacks Investment Research upgraded shares of Poshmark from a “sell” rating to a “hold” rating in a research note on Tuesday, May 18th. JMP Securities decreased their target price on shares of Poshmark from $85.00 to $57.00 and set a “market outperform” rating for the company in a report on Monday, May 17th. Finally, Cowen dropped their target price on shares of Poshmark from $88.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, March 12th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Poshmark presently has a consensus rating of “Buy” and a consensus price target of $60.88.

In other news, COO John Michael Mcdonald sold 17,514 shares of the business’s stock in a transaction on Tuesday, April 6th. The shares were sold at an average price of $42.28, for a total transaction of $740,491.92. Following the completion of the sale, the chief operating officer now owns 17,514 shares of the company’s stock, valued at approximately $740,491.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Manish Chandra sold 11,653 shares of the company’s stock in a transaction on Tuesday, April 6th. The stock was sold at an average price of $42.28, for a total value of $492,688.84. Following the completion of the sale, the chief executive officer now owns 11,653 shares of the company’s stock, valued at $492,688.84. The disclosure for this sale can be found here. Insiders have sold a total of 50,755 shares of company stock valued at $2,145,921 in the last ninety days.

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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