Dylan Carden Reaffirms Buy on RealReal as Strong Execution, Accelerating Buyer–Seller Flywheel and Automation Upside Support Return Toward Prior Highs

Dylan Carden has given his Buy rating due to a combination of factors, including RealReal’s broad outperformance versus expectations on key financial metrics and its improved full-year outlook that assumes continued strength into the fourth quarter. The company is demonstrating that active buyer growth and rising average order values can be sustained through better inventory management and more efficient marketing, while still expanding adjusted EBITDA margins and operating in investment mode.

In addition, he highlights that supply trends and the buyer–seller flywheel are accelerating, with stronger consignor engagement and a growing share of new sellers coming from the existing buyer base. Carden also points to the scaling of Athena and related automation as a structural reducer of unit processing costs, reinforcing RealReal’s competitive position in luxury resale and supporting his view that the stock’s valuation leaves meaningful upside as shares potentially move back toward prior highs.