Poshmark Inc. has named Rodrigo Brumana the company’s new chief financial officer, effective Dec. 1. Brumana joins from Amazon.com Inc. where he was CFO of the company’s global Private Brands business. “While we believe Poshmark has a deep bench across its finance team, we believe this hire brings more stability to company leadership and highlight Mr. Brumana’s experience across marketplaces as we reiterate our market
outperform rating and $30 price target,” wrote JMP analysts in a note. Poshmark, which sells both new and secondhand items, recently reported third-quarter earnings that disappointed investors and analysts. The stock was downgraded to market perform from outperform at Cowen on Tuesday. Analysts cut their price target to $22 from $42. “We move to the sidelines as we expect the stock could be range-bound with a lack of positive catalysts in the near term,” analysts led by Oliver Chen wrote. “Elevated marketing costs, strategic investments in brand building, and slower than expected international market growth could weigh on top- and bottom-line results in FY22.” Poshmark stock began trading in January, priced at $42 per share. The stock was trading Tuesday at $20.18, with shares down nearly 26% over the last three months. The S&P 500 index is up 4.8% for the last three months.
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