Poshmark stock is surging after last session's slump
Poshmark Inc (NASDAQ:POSH) is rebounding from Friday's post-earnings slide, up 14.6% at $13.52 at last glance. This jump comes after Barclays upgraded the stock to "overweight" from "equal weight," with a price-target hike to $17 from $13. The firm cited the growing second-hand clothing industry, which could gain even more traction amid recession concerns.
Options bulls are targeting POSH today as well, with call volume running at 34 times the intraday average. So far, 2,230 calls have been exchanged compared to just 235 puts. The August 15 call accounts for a good portion of this activity.
Trading at its highest level since April, POSH has completely erased Friday's 8.4% loss. Year-to-date the equity is still down 21.5%. It's also worth noting that Poshmark stock has landed on the short sell restricted (SSR) list today.