Why Poshmark Stock Soared Today
Shares of Poshmark (NASDAQ: POSH) were moving higher today after the online used clothing marketplace received a well-timed analyst upgrade from Barclays. The news came just one session after the stock sank when it missed the mark in its second-quarter earnings report last Friday.
As of 3:14 p.m .ET, the stock was up 17.7%.
Barclays analyst Trevor Young raised his rating from equal weight to overweight, noting positive signs in the company's recent earnings report. He argued that its growing base of active buyers has reached a tipping point for the platform. Young also cited high engagement from social elements of the platform, secular tailwinds, and a benefit from consumers trading down during a possible recession. Young raised his price target on the stock from $13 to $17.
Source Fool.com
