Why The RealReal Stock Soared Today
Shares of The RealReal (NASDAQ: REAL) soared by as much as 13% on Tuesday morning after getting a bullish initiation from Wall Street. Piper Sandler kicked off coverage of the stock with an overweight rating and a price target of $19. As of 1:30 p.m. EST, shares were up by about 10.6% to just under $17.
Analyst Erinn Murphy anticipates that gross merchandise volume (GMV) on the luxury consignment e-commerce platform will rise as COVID-19 vaccinations ramp up. The consumer discretionary company's GMV was growing by 40% prior to the pandemic, according to Piper Sandler, but the public health crisis has impacted supply. The RealReal should overcome that challenge as the pandemic is brought under control in the months ahead.
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Source Fool.com
