Is it Still Worthy to Invest in Poshmark (POSH)?

Claret Asset Management, an asset management firm, published its third quarter 2022 investor letter – a copy of which can be downloaded here. According to the fund, higher interest rates will eventually act as a brake to this economy on steroids that is mainly funded through extreme fiscal largesse and printed money by central banks. The fund invests in companies with real business models that are well-run, have great prospects, and generate positive cash flows for the foreseeable future. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Claret Asset Management mentioned Poshmark, Inc. (NASDAQ:POSH) and explained its insights for the company. Founded in 2011, Poshmark, Inc. (NASDAQ:POSH) is a Redwood City, California-based social commerce marketplace with a $1.4 billion market capitalization. Poshmark, Inc. (NASDAQ:POSH) delivered a 4.52% return since the beginning of the year, while its 12-month returns are down by -26.11%. The stock closed at $17.80 per share on October 13, 2022.

Here is what Claret Asset Management has to say about Poshmark, Inc. (NASDAQ:POSH) in its Q3 2022 investor letter:

“For whatever reason, the stock market seems to always precede the economic reality: Poshmark, a social commerce marketplace, went public at US$42 in January 2022, started trading at over $100, and dove from the high to less than $10 in June 2022. The company just agreed to sell itself to the Korean company Naver for $17.90 or less than 43% than the price it was sold to the public 9 months ago. We have to presume it was the company’s only chance for survival.”

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Our calculations show that Poshmark, Inc. (NASDAQ:POSH) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Poshmark, Inc. (NASDAQ:POSH) was in 15 hedge fund portfolios at the end of the second quarter of 2022, compared to 23 funds in the previous quarter. Poshmark, Inc. (NASDAQ:POSH) delivered a 73.49% return in the past 3 months.

In August 2022, we also shared another hedge fund’s views on Poshmark, Inc. (NASDAQ:POSH) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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Disclosure: None. This article is originally published at Insider Monkey.