ASX stock of the day: Rent.com.au (ASX:RNT) shares explode 218%

The Rent.com.au Ltd (ASX: RNT) share price is exploding today in dramatic fashion. Rent.com.au shares closed at 4.3 cents each last week (before the company was placed in a trading halt).

However, Rent.com.au opened this morning at 10 cents a share and have rocketed even higher since. At the time of writing, the Rent share price is trading at 12 cents a share, up a staggering 167%. It’s the highest share price this company has touched since 2016.

So who is Rent.com.au? And why is it experiencing such a dramatic jump in value today?

Rent.com.au in a nutshell

Rent.com.au is an online provider of rental advertising for renters and landlords. It operates an online marketplace in a similar fashion to its far-larger rival REA Group…