The RealReal (REAL)

• Market cap: $1.2B
• 1 day: 3.77%
• 5 days: 15.73%
• 1 month: 29.98%
• 3 months: 102.13%
• 6 months: 75.93%
• Year to date: 6.2%
• 1 year: 221.54%
• 5 years: -36.4%
• 10 years: -63.84%
• Sector: Consumer Discretionary
• Industry: Luxury Goods

About: The RealReal is the largest pure-play luxury resale platform in the US, generating $1.8 billion in 2024 gross merchandise volume and addressing a niche (personal luxury resale) that had previously been serviced by inefficient upscale boutiques and local pawn shops. The company generates revenue via consignment and first-party sales on its online marketplace, and through a small volume of direct sales. With a hands-on approach that actively sources inventory and authenticates every item on its platform, The RealReal is able to justify much higher take rates than peers, working out to roughly 36% of net merchandise value in 2024, which excludes returns, cancellations, and first-party sales.

Employees: 3,011

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

164% more call options, than puts

Call options by funds: $20.7M | Put options by funds: $7.84M

25% more funds holding in top 10

Funds holding in top 10: 4 [Q1] → 5 (+1) [Q2]

2.1% more ownership

Funds ownership: 81.77% [Q1] → 83.87% (+2.1%) [Q2]

6% more repeat investments, than reductions

Existing positions increased: 67 | Existing positions reduced: 63

3% less funds holding

Funds holding: 208 [Q1] → 201 (-7) [Q2]

7% less capital invested

Capital invested by funds: $490M [Q1] → $456M (-$34.4M) [Q2]

15% less first-time investments, than exits

New positions opened: 35 | Existing positions closed: 41

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $8
• Avg. target: $10.33
• High target: $12

3 analyst ratings

• positive: 2 67%
• neutral: 1 33%
• negative: 0 0%

B. Riley Securities Susan Anderson	$12	Buy Maintained	15 Sep 2025
BTIG Marvin Fong	$11	Buy Maintained	10 Sep 2025
UBS Kunal Madhukar	$8	Neutral Maintained	8 Aug 2025