Millionaire maker! (ASX:RNT) share price now up 300% in a week

The (ASX:RNT) share price is now up more than 300% just this week. Here’s why this star company has been exploding in value
The post Millionaire maker! (ASX:RNT) share price now up 300% in a week appeared first on The Motley Fool Australia. –

asx shares for housing boom represented by row of miniature white paper houses with one red house

The Ltd (ASX: RNT) share price is at it again.  Rent shares are currently up a whopping 42.31% today to 18 cents a share. That kind of gain is pretty impressive in itself.

If you add the company’s stunning 200% share price bump yesterday, things look pretty good for shareholders. After today’s rise, Rent’s share price gains just this week amount to more than 330%. That means a $10,000 investment just last week would be worth as much as $33,000 today. Not a bad return for 5 days of waiting!

Today’s share price represents the highest valuation the company has traded at since June 2016. It gives Rent a market capitalisation of more than $63 million.

So what’s going on here?

Bond, rental bond is an online marketplace that seeks to connect renters and landlords. The site is in a similar vein to REA Group Ltd‘s (ASX: REA) It allows landlords to list their properties for lease, and gives renters the opportunity to find their ideal property. The company also has various online tools like RentPay and RentQuotes that aim to assist these processes.

Yesterday, we covered the reasons behind’s sudden surge in value.

To recap, investors got very hot under the collar when the company announced that ‘Australian tech entrepreneur’ Bevan Slattery had made a $2.75 million investment in Mr. Slattery received 55 million shares under the agreement, priced at 5 cents apiece.

Perhaps the biggest winner on the ASX this week has indeed been Mr. Slattery. Since this investment is now worth more than triple what he laid out. As we discussed yesterday, Mr. Slattery has a long track record of investing in early-stage companies. His resume includes names like NextDC Ltd (ASX: NXT) and Megaport Ltd (ASX: MP1).

Why is the share price rocketing again today?

There have been no major developments for since yesterday.

That essentially means we can assume that investors might have noticed what went on with Rent shares yesterday, and are piling on to get a slice of the action.

As we saw with GameStop Corp (NYSE: GME) shares last week, and the short-lived ‘silver squeeze’ this week, the current market conditions are certainly encouraging many investors to chase the chance of a quick return.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO and REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Millionaire maker! (ASX:RNT) share price now up 300% in a week appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!