Why One Fund Still Has a $14 Million Bet on This Resale Stock Up 130% This Past Year

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Jonathan Ponciano, The Motley Fool

Mon, December 8, 2025 astatine 8:20 AM CST 5 min read

Connecticut-based Manatuck Hill Partners sold 350,000 shares of The RealReal successful the 3rd quarter.
The presumption worth decreased by an estimated $5.8 cardinal versus the anterior quarter.
Manatuck present holds astir 1.3 cardinal shares of The RealReal worthy astir $13.6 million.
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Connecticut-based Manatuck Hill Partners disclosed a merchantability of 150,000 shares of The RealReal (NASDAQ:REAL) successful a November 14 SEC filing, though rising shares of the banal helped the wide worth of the involvement summation by $5.8 million.

According to its SEC filing dated November 14, Manatuck Hill Partners sold 350,000 shares of The RealReal (NASDAQ:REAL) successful the 3rd quarter. However, fixed rising stock prices, the position’s reported worth accrued to astir $13.6 cardinal astatine quarter-end. The money held astir 1.3 cardinal shares arsenic of September 30.

The fund's involvement successful The Real Real is astir 4.5% of 13F reportable AUM arsenic of September 30.

Top holdings aft filing:

NYSE: ZETA: $14 cardinal (4.6% of AUM)
NASDAQ: REAL: $13.6 cardinal (4.6% of AUM)
NYSE: IMAX: $11.1 cardinal (3.8% of AUM)
NASDAQ: OPRX: $9.7 cardinal (3.3% of AUM)
NYSE: HLF: $8.4 cardinal (2.9% of AUM)

As of Friday, shares were priced astatine $13.98, up 128% implicit the past twelvemonth and vastly outperforming the S&P 500, which is up 13% successful the aforesaid period.

Metric

Value

Revenue (TTM)	$662.8 million
Net Income (TTM)	($71.5 million)
Market Capitalization	$1.6 billion
Price (as of marketplace adjacent Friday)	$13.98

The RealReal operates an online marketplace for consigned luxury goods, including apparel, jewelry, watches, home, and creation products.
The institution generates gross by facilitating the resale of authenticated luxury items betwixt consignors and buyers.
It serves fashion-conscious consumers and collectors seeking authenticated, high-end products astatine accessible prices successful the United States.

The RealReal, Inc. operates an online marketplace for consigned luxury goods successful the United States, connecting sellers and buyers of premium products done a integer platform.

Even with shares inactive trading astir 50% beneath pandemic-era highs, Manatuck’s determination matters due to the fact that The RealReal is yet showing signs of durable operating momentum — thing semipermanent investors person been waiting for. The institution conscionable posted accelerating growth, expanding margins, and raised full-year guidance, suggesting that its turnaround whitethorn beryllium gaining traction adjacent arsenic the broader luxury resale abstraction stays competitive. In the 3rd quarter, GMV roseate 20% twelvemonth implicit year, and gross accrued 17%, portion the company's adjusted EBITDA borderline improved 380 ground points to 5.4% — a meaningful displacement compared to caller years. Rising mean bid values and a increasing active-buyer basal besides awesome improving engagement.

For Manatuck Hill, trimming vulnerability yet seeing the position’s worth emergence reflects a portfolio that is progressively concentrated successful a fistful of higher-conviction tech and user names. The RealReal present accounts for astir 4.6% of reportable AUM — a sizable allocation for a still-volatile stock.

Ultimately, The RealReal is executing amended and demonstrating improved profitability and currency generation. But sustained borderline enlargement and disciplined outgo power volition beryllium cardinal earlier the banal earns a much durable re-rating.