Poshmark, Inc. (NASDAQ:POSH), a leading social marketplace for new and secondhand style, is set to join the broad-market Russell 3000® Index at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opens on June 27, according to a preliminary list of additions posted June 3.
Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes. Poshmark is also slated for addition to the Russell Microcap Index.
"We are honored to be joining the Russell 3000 Index as we expand awareness of Poshmark among the investment community and remain committed to creating shareholder value. This milestone is a testament to our leadership in social commerce and market share gains in resale as we continue to define a future of shopping that is online, social and sustainable," said Manish Chandra, Founder and CEO of Poshmark.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell's US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.