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

Poshmark Inc (NASDAQ: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.

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