The stock was down over 17%, with more than 4.8 million shares changing hands against a daily average of about 3.5 million.
"While Q1 got off to a soft start due to COVID staffing issues at their warehouses, the quarter overall was solid, with most KPIs in positive territory," Wedbush analysts Tom Nikic and Ezra Weener said in a note.
Still, the analysts lowered their price target to $10 from $14 while keeping their outperform rating to reflect the reduced valuations market-wide.
Raymond James cut its price target to $14 from $18 while retaining its outperform rating. Needham also lowered its price objective to $10 from $25 while keeping its buy call.
Late Tuesday, RealReal reported a Q1 non-GAAP net loss of $0.47 per share on revenue of $146.7 million. Analysts polled by Capital IQ expected a loss of $0.52 per share on revenue of $136.4 million.
The company said it continues to expect fiscal 2022 revenue of $635 million to $665 million. Analysts surveyed by Capital IQ expect $649.6 million. Revenue for Q2 is expected to range between $150 million and $160 million. Analysts polled by Capital IQ expect $152.2 million.
Price: 3.64, Change: -0.77, Percent Change: -17.46
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