Rent the Runway, Inc. (NASDAQ:RENT) Receives Average Rating of “Hold” from Brokerages

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have been given a consensus recommendation of “Hold” by the eight research firms that are currently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $31.88.

A number of research analysts recently commented on the stock. JMP Securities lowered their price objective on shares of Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 11th. The Goldman Sachs Group decreased their target price on shares of Rent the Runway from $40.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, April 12th.

Insider Activity at Rent the Runway

In related news, CEO Jennifer Hyman sold 4,600 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $12.28, for a total transaction of $56,488.00. Following the completion of the transaction, the chief executive officer now directly owns 164,884 shares in the company, valued at approximately $2,024,775.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 17,076 shares of company stock worth $151,711 in the last ninety days. 9.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rent the Runway

Several large investors have recently bought and sold shares of RENT. Commonwealth Equity Services LLC raised its stake in Rent the Runway by 119.2% during the 3rd 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 position in Rent the Runway during the 3rd quarter valued at $46,000. Breed s Hill Capital LLC acquired a new position in shares of Rent the Runway in the 4th quarter valued at $53,000. Landscape Capital Management L.L.C. acquired a new position in shares of Rent the Runway in the 3rd quarter valued at $66,000. Finally, CastleKnight Management LP raised its stake in shares of Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after buying an additional 411,000 shares in the last quarter. 73.10% of the stock is currently owned by institutional investors and hedge funds.

Rent the Runway Price Performance

RENT stock opened at $29.75 on Friday. Rent the Runway has a 52-week low of $4.46 and a 52-week high of $58.00. The company’s 50 day simple moving average is $13.57 and its 200-day simple moving average is $11.93. The firm has a market capitalization of $109.18 million, a P/E ratio of -0.90 and a beta of 0.49.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings results on Wednesday, April 10th. The company reported ($5.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.80) by ($0.03). The firm had revenue of $75.80 million for the quarter, compared to analyst estimates of $74.50 million. Sell-side analysts predict that Rent the Runway will post -20.2 EPS for the current fiscal year.

Rent the Runway Company Profile

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.