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Barclays upgrades Poshmark stock to overweight

Yahoo Finance Live anchors break down why Poshmark stock is up big on Monday.

Video transcript

[MUSIC PLAYING]

AKIKO FUJITA: Well, let's take a look at shares of Poshmark, seeing a big rally in the session here. Up about 12 and 1/2% on an upgrade from Barclays analyst upgrading the stock from equal weight to overweight. They also raised its price target to $17 a share, citing secular tailwinds in the second-hand clothing market.

Barclays saying that consumers are likely to trade down in a softer macro environment. Adding that social and gamification aspects of the platform specifically give Poshmark an added lift in engagement. This comes, of course, as Poshmark posted a wider than expected loss in its most recent quarter.