Insider Selling: Rent the Runway, Inc. (NASDAQ:RENT) CEO Sells $56,488.00 in Stock

Rent the Runway, Inc. (NASDAQ:RENT) CEO Jennifer Hyman sold 4,600 shares of Rent the Runway stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $12.28, for a total value of $56,488.00. Following the sale, the chief executive officer now directly owns 164,884 shares in the company, valued at approximately $2,024,775.52. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Jennifer Hyman also recently made the following trade(s):

• On Monday, March 18th, Jennifer Hyman sold 7,770 shares of Rent the Runway stock. The shares were sold at an average price of $7.00, for a total value of $54,390.00.

Rent the Runway Stock Down 13.2 %

RENT opened at $13.22 on Thursday. The firm has a market cap of $48.54 million, a PE ratio of -0.40 and a beta of 0.49. The business has a fifty day simple moving average of $9.40 and a 200-day simple moving average of $10.75. Rent the Runway, Inc. has a fifty-two week low of $4.46 and a fifty-two week high of $58.00.

Rent the Runway (NASDAQ:RENT) last posted its quarterly earnings data on Wednesday, April 10th. The company reported ($5.83) EPS for the quarter, missing analysts’ consensus estimates of ($5.80) by ($0.03). The business had revenue of $75.80 million for the quarter, compared to the consensus estimate of $74.50 million. On average, equities research analysts anticipate that Rent the Runway, Inc. will post -20.2 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on RENT. The Goldman Sachs Group cut their target price on Rent the Runway from $40.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Piper Sandler reaffirmed a “neutral” rating and set a $15.00 target price (down previously from $40.00) on shares of Rent the Runway in a research note on Wednesday, January 17th. JMP Securities dropped their price objective on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Thursday, April 11th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $12.00 price objective on shares of Rent the Runway in a report on Tuesday, January 16th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Rent the Runway currently has a consensus rating of “Hold” and a consensus target price of $31.88.

Hedge Funds Weigh In On Rent the Runway

Hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC boosted its position in Rent the Runway by 119.2% during the third quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock valued at $38,000 after purchasing an additional 30,050 shares during the last quarter. Panagora Asset Management Inc. acquired a new stake in Rent the Runway during the third quarter valued at $46,000. Breed s Hill Capital LLC acquired a new stake in Rent the Runway during the fourth quarter valued at $53,000. Landscape Capital Management L.L.C. acquired a new stake in Rent the Runway during the third quarter valued at $66,000. Finally, CastleKnight Management LP boosted its position in Rent the Runway by 304.9% during the fourth quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after purchasing an additional 411,000 shares during the last quarter. 73.10% of the stock is owned by institutional investors and hedge funds.

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.