What's Up With Poshmark Stock Hitting A New All-Time Low?

Poshmark Inc POSH shares were trading lower by 7.1% at $30.65 Wednesday morning after the company reported third-quarter earnings results and issued third-quarter guidance.

Poshmark reported quarterly losses of 4 cents per share, which beat the analyst consensus estimate of a loss of 7 cents per share. Poshmark also reported quarterly sales of $81.8 million, which beat the analyst consensus estimate of $80.29 million. Among the second-quarter business highlights were:

• Launched Art & Design as sub-categories within the Home department.
• Introduced "Style Tags" to personalize listings and enhance searchability and discovery.
• Released "Price Suggester" to help sellers (especially new listers) list items more efficiently by providing a suggested price range for their listing.
• Launched "Buyer Alerts" to improve the shopping experience and keep buyers informed about items they're interested in.
• Announced a partnership with Snapchat to launch Poshmark Mini, which went live on July 8 to all U.S. Snapchat users.
• Released "Bulk Listing Actions," four powerful new high-volume social tools that allow sellers to share any quantity of listings at once, make closet-wide changes to prices, and execute multiple offers to likers at once, increasing efficiency, closet exposure and sales conversion.
• Awarded $125,000 in grants to 142 inaugural recipients of Poshmark's Heart & Hustle Community Fund.

Raymond James analyst Aaron Kessler maintained Poshmark with an Outperform and lowered the price target from $58 to $49.

Poshmark operates an e-commerce platform. The firm sells various items such as jackets, shoes, bags, shirts, accessories, sweaters, pants, shorts, bedding, party supplies, phone cases, sunglasses and kitchen items.

Poshmark has a 52-week high of $104.98 and a 52-week low of $30.25.