The (ASX:RNT) share price surged 11.5% today

Shares in the rental property website have jumped again today, continuing an impressive run for the company this year to date.

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The Ltd (ASX: RNT) share price has spent today’s session firmly in the green, shooting up 11.5% in early trading.

The share price was trading at 14.5 cents at the market close today, up 7.69% after hitting an intraday high of 15 cents. This means it has finished the previous 5 sessions more than 16% higher.

Let’s take a look at the share price and some of the news around its price action this year.

Despite there being no market-sensitive information specific to the company today, shares in the rental property website continue an impressive run this year to date.

Since 1 January, shares have catapulted more than 190%, far outpacing the S&P/ASX 200 Index (ASX: XJO)’s return of 9.7% over the same time period.

Over the previous 12 months, the share price has delivered a return of 311%, again outpacing the broad index’s return of ~22% for the same period.

Much of this upside can likely be attributed to two key events in the company’s growth narrative.

Firstly, announced back in February that well-known Australian tech investor Bevan Slattery had made a $2.75 million investment in the company. The share price rocketed 218% higher on the day of the announcement.

Later in March, the company announced that its FinTech offering RentPay had secured an agreement with SkyCredit Ltd, effectively adding beneficial features to the RentPay platform. RentPay is an application that allows direct debit forms of rent servicing, all provided on a ledger for future rental reference.

Both announcments seem to have been welcomed by the market with the company’s share price skyrocketing from 4 cents to a high of 39.5 cents. share price snapshot

The share price is currently trading well off its 52-week high of 39.5 cents but is sitting above the 52-week low of 3 cents.

At the current share price of 14.5 cents, has a market capitalisation of $57.7 million.

The company has negative earnings per share from the most recent filings and does not pay a dividend to shareholders.

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Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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