Reformation REF
$18.05 +$1.20 (+7.12%)
Market closed · Nov 6, 8:10 pm ET · Last extended-hours $18.05 0.00%
Open$16.90
Prev close$16.85
Day range$16.02 – $18.09
Volume930.9K
Market cap$1.07B
P/E (TTM)196.2
Dividend yield–
Ownership & positioning
Who holds it, who is betting against it, and where the big money is moving
Institutional ownership65.6%+1.20 pts vs. prior quarter
Institutions holding23+22 vs. prior quarter
Insider trades (recent)15 buys / 7 sellsNet buying
Short interest4.95% of floatDays to cover 7.4 · as of 15 Oct 2026
Short-sale volume share25.5%5-day average of daily volume
Short-sale volume as % of daily volume
Large-order net flow, last 20 sessions
Net of large-order buying minus selling, in USD. Over this window: +$247.9K (9 inflow days, 11 outflow days).
Net flow by order size, last 20 sessions
Super/Big orders approximate institutional-size trades; Mid/Small approximate retail-size trades. Net buy minus sell value in each bucket, summed over the window.
The five largest holders on file together own 79.6% of shares outstanding.
Largest holders
By investor type
Reported short interest has risen from 0.60% to 4.95% of float over the last 6 biweekly reports (31 Jul 2026 to 15 Oct 2026).
Recent institutional activity
| Holder | Type | Period | Share change | New stake |
|---|---|---|---|---|
| Charles Schwab Investment Management | Mutual Fund | 2026/Q3 | +88,443 | 0.1% |
| Baron Capital Group, Inc. | Mutual Fund | 2026/Q3 | +1,395,348 | 2.4% |
| BlackRock | Mutual Fund | 2026/Q3 | +972,363 | 1.6% |
| Westfield Capital Management Company, L.P. | Mutual Fund | 2026/Q3 | +786,419 | 1.3% |
| Vanguard Capital Management, LLC | Mutual Fund | 2026/Q3 | +763,685 | 1.3% |
| Putnam LLC | Mutual Fund | 2026/Q3 | +196,100 | 0.3% |
| Vanguard Portfolio Management, LLC | Mutual Fund | 2026/Q3 | +96,706 | 0.2% |
| Skylands Capital, LLC | Hedge Fund | 2026/Q3 | +91,000 | 0.2% |
| State Street Global Advisors | Mutual Fund | 2026/Q3 | +36,490 | 0.1% |
| Mirae Asset Global Investments Co., Ltd | Mutual Fund | 2026/Q3 | +6,691 | 0.0% |
| Yael Aflalo | Individual/Insider | 2026/Q3 | +933,081 | 23.5% |
| FMR | Mutual Fund | 2026/Q3 | +920,877 | 1.6% |
| Franklin Resources | Mutual Fund | 2026/Q3 | +551,697 | 0.9% |
| AllianceBernstein | Mutual Fund | 2026/Q3 | +440,553 | 0.7% |
| Putnam LLC | Mutual Fund | 2026/Q3 | +196,600 | 0.3% |
Institutional buy/sell activity by reporting period, largest moves first.
Insider transactions
| Date | Insider | Title | Transaction | Shares | Price | Held after |
|---|---|---|---|---|---|---|
| 31 Aug 2026 | Permira Advisers Ltd. | Private Disposition | -149,596 | $13.95 | 28,942,153 | |
| 31 Aug 2026 | Yael Aflalo | Director | Private Disposition | -60,298 | $13.95 | 13,862,985 |
| 30 Jul 2026 | Permira Advisers Ltd. | Private Disposition | -2,987,199 | $13.95 | 29,091,749 | |
| 30 Jul 2026 | John Coyle | Independent Director | Private Acquisition | +200,000 | $15.00 | 256,980 |
| 30 Jul 2026 | Hali Borenstein | Chief Executive Officer | Sale to Issuer | -170,876 | $13.95 | 61,075 |
| 30 Jul 2026 | Brigitte Kleine | Independent Director | Private Acquisition | +200 | $15.00 | 200 |
| 30 Jul 2026 | Zipporah Allen | Independent Director | Private Acquisition | +3,500 | $15.00 | 3,500 |
| 30 Jul 2026 | Ivan Tchakarov | Chief Operating Officer | Derivative Sale to Issuer | -49,161 | $13.95 | – |
| 28 Jul 2026 | Steve Miller | Independent Director | Other Acquisition | +9,333 | – | 19,607 |
| 28 Jul 2026 | Steve Miller | Independent Director | Initial Statement of Beneficial | +0 | – | 10,274 |
| 28 Jul 2026 | John Coyle | Independent Director | Other Acquisition | +9,333 | – | 9,333 |
| 28 Jul 2026 | John Coyle | Independent Director | Initial Statement of Beneficial | +0 | – | 56,980 |
| 28 Jul 2026 | Stacey Rauch | Independent Director | Other Acquisition | +9,333 | – | 9,333 |
| 28 Jul 2026 | Joshua Moore | Chief Financial Officer | Other Acquisition | +256,999 | – | 324,781 |
| 28 Jul 2026 | Joshua Moore | Chief Financial Officer | Other Derivative Acquisition | +58,831 | $15.00 | 58,831 |
| 28 Jul 2026 | Joshua Moore | Chief Financial Officer | Initial Statement of Beneficial | +0 | – | 67,782 |
| 28 Jul 2026 | Hali Borenstein | Chief Executive Officer | Other Acquisition | +300,000 | – | 300,000 |
| 28 Jul 2026 | Hali Borenstein | Chief Executive Officer | Other Acquisition | +833,332 | – | 833,332 |
| 28 Jul 2026 | Hali Borenstein | Chief Executive Officer | Derivative Sale to Issuer | -538,410 | $13.95 | 1,395,768 |
| 28 Jul 2026 | Hali Borenstein | Chief Executive Officer | Other Derivative Acquisition | +294,155 | $15.00 | 294,155 |
From Form 4/Form 144 filings. Negative share counts are disposals (sales, gifts, or shares withheld for taxes); positive are acquisitions.
Short interest, by report
| Report date | Shares short | % of float | Days to cover |
|---|---|---|---|
| 15 Oct 2026 | 2,922,843 | 4.9% | 7.4 |
| 30 Sep 2026 | 2,551,273 | 4.3% | 3.0 |
| 15 Sep 2026 | 2,049,480 | 3.5% | 6.1 |
| 31 Aug 2026 | 2,199,543 | 3.7% | 5.3 |
| 14 Aug 2026 | 879,261 | 1.5% | 1.8 |
| 31 Jul 2026 | 355,460 | 0.6% | 1.0 |
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