Rent the Runway, Inc. (NASDAQ:RENT) Receives $25.86 Average PT from Analysts

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have been assigned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $25.86.

Several analysts recently weighed in on the stock. Jefferies Financial Group reduced their target price on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JMP Securities increased their price target on shares of Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Friday, June 7th.

Rent the Runway Stock Performance

NASDAQ:RENT opened at $9.45 on Thursday. Rent the Runway has a fifty-two week low of $4.46 and a fifty-two week high of $41.81. The company has a fifty day moving average of $12.60 and a two-hundred day moving average of $14.91. The stock has a market capitalization of $34.70 million, a PE ratio of -0.31 and a beta of 1.08.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings data on Thursday, September 5th. The company reported ($4.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.86) by $1.69. The firm had revenue of $78.90 million for the quarter, compared to analyst estimates of $76.60 million. During the same quarter in the previous year, the business posted ($8.00) earnings per share. Research analysts forecast that Rent the Runway will post -19.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Jennifer Hyman sold 6,127 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $10.00, for a total transaction of $61,270.00. Following the sale, the chief executive officer now owns 148,088 shares of the company’s stock, valued at approximately $1,480,880. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 18,187 shares of company stock worth $195,670. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rent the Runway

Several hedge funds have recently added to or reduced their stakes in RENT. Nisa Investment Advisors LLC purchased a new position in shares of Rent the Runway during the second quarter valued at approximately $308,000. Meeder Asset Management Inc. purchased a new position in Rent the Runway in the second quarter valued at about $33,000. Summit Securities Group LLC purchased a new position in shares of Rent the Runway during the 2nd quarter valued at approximately $86,000. CastleKnight Management LP boosted its stake in Rent the Runway by 304.9% during the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after acquiring an additional 411,000 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Rent the Runway in the second quarter worth about $131,000. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

About Rent the Runway

Rent the Runway, Inc operates shared designer closet in the United States. The company offers evening wear and accessories, ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, and ski wear under subscription, rental, and resale offering.