Rent the Runway, Inc. (NASDAQ:RENT) Short Interest Up 24.0% in January

Rent the Runway, Inc. (NASDAQ:RENT) saw a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 860,308 shares, an increase of 24.0% from the January 15th total of 693,838 shares. Based on an average daily volume of 124,690 shares, the days-to-cover ratio is currently 6.9 days. Approximately 2.8% of the company’s stock are sold short. Approximately 2.8% of the company’s stock are sold short. Based on an average daily volume of 124,690 shares, the days-to-cover ratio is currently 6.9 days.

Rent the Runway Stock Performance

RENT stock traded up $0.20 during midday trading on Monday, hitting $5.97. 41,365 shares of the stock were exchanged, compared to its average volume of 92,637. The stock has a market cap of $199.34 million, a price-to-earnings ratio of -2.04 and a beta of 1.26. Rent the Runway has a fifty-two week low of $3.69 and a fifty-two week high of $10.13. The stock’s 50-day moving average price is $7.59 and its 200-day moving average price is $5.81.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings results on Friday, December 12th. The company reported ($3.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($4.87) by $1.33. The firm had revenue of $87.60 million for the quarter, compared to analyst estimates of $73.80 million. Research analysts anticipate that Rent the Runway will post -18.61 EPS for the current year.

Wall Street Analyst Weigh In

RENT has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Rent the Runway from a “hold” rating to a “buy” rating in a research note on Saturday, January 17th. Weiss Ratings restated a “sell (d)” rating on shares of Rent the Runway in a research note on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Rent the Runway presently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Park Avenue Securities LLC acquired a new stake in Rent the Runway during the 3rd quarter valued at $136,000. Quinn Opportunity Partners LLC purchased a new position in Rent the Runway in the 3rd quarter valued at about $421,000. Two Sigma Investments LP acquired a new stake in shares of Rent the Runway during the third quarter valued at about $109,000. Romano Brothers AND Company purchased a new stake in shares of Rent the Runway during the fourth quarter worth about $87,000. Finally, Geode Capital Management LLC lifted its stake in shares of Rent the Runway by 1,044.4% in the fourth quarter. Geode Capital Management LLC now owns 284,372 shares of the company’s stock worth $2,251,000 after acquiring an additional 259,522 shares in the last quarter. 73.10% of the stock is currently 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.