Insider Buying at the Top of the Year
On December 31, 2025, former non‑employee director Le ondakis Niki executed a purchase of 554 shares of RealReal’s common stock, bringing her total holdings to 207,489 shares. The transaction is tied to deferred restricted stock units (DRSUs) granted under the 2019 Equity Incentive Plan; the units are fully vested and will settle upon her separation from service. The purchase was priced at zero because the shares are issued upon DRSU settlement, not purchased on the open market.
What This Means for Investors
The buy‑side activity by a former director—especially one linked to a DRSU settlement—signals that insiders still hold a bullish view on the company’s trajectory. While the shares were issued at no cash cost, the fact that Niki’s stake increased in a period of sharp price appreciation (the stock closed at $16.37 on January 5, 2026, up 4.25 % from the previous close) may reinforce confidence among equity holders. Market‑wide sentiment remains neutral (sentiment score –0), but buzz is high at 111.58 % indicating active discussion on social platforms. In a company that has posted an 88 % year‑to‑date gain, such insider support can help mitigate volatility and attract long‑term investors.
Insider Activity Across the Board
RealReal’s insider trading calendar on December 31, 2025, shows a cluster of buy transactions: Karen Katz purchased 1,107 shares, and Niki acquired 554 shares. Earlier in September, Niki bought 823 shares, and later in December, the CFO, Steve Ming, sold a total of 43,926 shares. The mix of purchases and sales suggests that while some executives are trimming positions, others—particularly those tied to deferred equity—are reinforcing their long‑term commitment. For analysts, this pattern underscores the importance of distinguishing between market‑price purchases and DRSU issuances when assessing insider sentiment.
Who Is Le ondakis Niki?
Historically, Niki’s transactions have been limited to DRSU issuances linked to her role as a non‑employee director. Her most recent buy on December 31, 2025, was the first recorded trade in 2025, following a September purchase of 823 shares. Unlike other insiders, her trades have not involved market‑price purchases or sales, indicating a strategy focused on deferred equity rather than liquidity events. This conservative approach suggests confidence in RealReal’s long‑term value creation, aligning with the company’s recent positive earnings outlook and the upgrade of its price target by BTIG.
Looking Ahead
RealReal’s price volatility—from a 52‑week low of $4.61 to a high of $16.74 in late December—has prompted concerns about earnings sustainability, reflected in a negative P/E of –15.52. However, insider buying, especially from stakeholders tied to deferred equity, signals a belief that the current valuation may be undervalued relative to future growth prospects. Investors should watch for further DRSU settlements and any changes in the company’s earnings profile, as these will likely drive both the stock price and insider behavior in the coming months.
| Date | Owner | Transaction Type | Shares | Price per Share | Security |
|---|---|---|---|---|---|
| 2025-12-31 | Leondakis Niki () | Buy | 554.00 | N/A | Common Stock |
