Rent the Runway (NASDAQ:RENT) Releases Earnings Results, Misses Expectations By $0.49 EPS

Rent the Runway (NASDAQ:RENT) released its earnings results on Monday. The company reported ($4.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.45) by ($0.49), RTT News reports. Rent the Runway updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Rent the Runway Stock Down 7.6 %

RENT opened at $11.85 on Monday. Rent the Runway has a 12 month low of $4.46 and a 12 month high of $41.81. The firm’s fifty day simple moving average is $10.04 and its 200 day simple moving average is $13.90.

Insiders Place Their Bets

In related news, CEO Jennifer Hyman sold 6,127 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $10.00, for a total value of $61,270.00. Following the transaction, the chief executive officer now owns 148,088 shares in the company, valued at approximately $1,480,880. This represents a 3.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 12,587 shares of company stock valued at $125,467 in the last three months. 6.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Jefferies Financial Group dropped their price target on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.20.

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.