The RealReal (NASDAQ:REAL) stock jumped to a strong gain on Thursday, driving gains into the double-digits since the naming of new CEO John Koryl.
On Wednesday, the e-commerce company concluded its CEO search after former CEO and founder Julie Wainwright stepped down in June. Koryl replaces interim co-CEOs Rati Sahi Levesque and Robert Julian who will each revert to their respective COO and CFO roles.
Baird analyst Mark Altschwager applauded the move, pointing to Koryl’s experience in supply chain and e-commerce capabilities.
“Koryl brings operational experience to the REAL leadership team, and we view the announcement as another signal of management’s commitment to progressing toward profitability goals,” he commented. “While the announcement may help to alleviate C-suite uncertainty, we expect evidence of execution on strategic initiatives will be needed for the stock to build momentum.”
Altschwager retained an Outperform rating on the stock, but warned that the stock remains in the “speculative risk” category.
Shares of the San Francisco-based e-commerce platform popped 4.26% on Wednesday, adding another 7.14% on Thursday. Despite an over 40% rebound for the stock to start 2023, shares remain over 90% below their late 2021 peak.
Dig into the company’s financials.