Rent the Runway (NASDAQ:RENT) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Rent the Runway (NASDAQ:RENT) from a hold rating to a buy rating in a research report report published on Saturday morning.

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Rent the Runway in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Rent the Runway Trading Down 7.1%

Shares of RENT stock opened at $8.04 on Friday. Rent the Runway has a twelve month low of $3.69 and a twelve month high of $10.13. The stock has a market cap of $268.46 million, a P/E ratio of -2.75 and a beta of 1.26. The stock has a 50 day moving average of $6.66 and a 200 day moving average of $5.55.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings results on Friday, December 12th. The company reported ($3.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($4.87) by $1.33. The company had revenue of $87.60 million during the quarter, compared to analyst estimates of $73.80 million. On average, research analysts predict that Rent the Runway will post -18.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rent the Runway

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Romano Brothers AND Company purchased a new stake in shares of Rent the Runway during the fourth quarter worth about $87,000. Two Sigma Investments LP purchased a new position in Rent the Runway in the 3rd quarter valued at about $109,000. Park Avenue Securities LLC acquired a new stake in Rent the Runway in the 3rd quarter worth about $136,000. Finally, Quinn Opportunity Partners LLC purchased a new stake in Rent the Runway during the 3rd quarter worth approximately $421,000. 73.10% of the stock is owned by hedge funds and other institutional investors.

About Rent the Runway

Rent the Runway (NASDAQ: RENT) operates an online marketplace and subscription service that provides designer apparel and accessory rentals to consumers. The company offers both one-time rentals and tiered subscription plans, enabling members to borrow items on a recurring basis rather than purchasing them outright. Rent the Runway’s inventory spans a wide range of brands and styles, including evening gowns, everyday wear, handbags and jewelry, positioning the company within the broader sharing-economy and circular-fashion movements.

Founded in 2009 by Jennifer Hyman and Jennifer Fleiss, Rent the Runway was built on the premise of making high-end fashion more accessible and sustainable.