Online Luxury Retailer Looks to Snap Win Streak Despite Bull Note

Luxury consignment retailer RealReal Inc (NASDAQ:REAL) is reversing yesterday's rally, though in pre-market was trading at levels not seen in over a year, thanks to post-bull note buzz. Specifically, Baird yesterday initiated coverage on the security with an "outperform" rating and $23 price target, calling RealReal stock an "open-ended growth story." As for other analysts, of the 12 in coverage, eight firms recommended a "buy" or better recommendation, versus four "holds." Regardless, REAL was last seen down 2.7% to trade at $20.98 this morning.

RealReal stock notched six straight wins, and rose 17.2% over the last week. This marks a significant rise when you consider that the equity traded as low as $5 during the broader market's mid-March pullback. Year-to-date, REAL has tacked on 14%.  

Lastly, short interest is lower in the most recent reporting period, yet the 10.88 million shares sold short accounts for a healthy 16.2% of REAL's total available float. At the stock's average pace of trading, it would take shorts almost eight days to buy back their bearish bets.