Poshmark, Inc. 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, 2022.
The company said in a statement that the annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 6, 2022, 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.
“We are honoured 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 dollars in assets are benchmarked against Russell’s US indexes.
FTSE Russell is wholly owned by the London Stock Exchange Group.