Rent the Runway, Inc. (NASDAQ:RENT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Rent the Runway, Inc. (NASDAQ:RENT) has received an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $25.86.

Separately, Jefferies Financial Group lowered their target price on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, September 6th.

Rent the Runway Stock Performance

NASDAQ RENT opened at $10.10 on Friday. Rent the Runway has a fifty-two week low of $4.46 and a fifty-two week high of $41.81. The stock has a 50 day simple moving average of $10.08 and a two-hundred day simple moving average of $15.14. The stock has a market cap of $38.46 million, a P/E ratio of -0.38 and a beta of 1.04.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings data on Thursday, September 5th. The company reported ($4.17) earnings per share for the quarter, topping the consensus estimate of ($5.86) by $1.69. The business had revenue of $78.90 million during the quarter, compared to analysts’ expectations of $76.60 million. During the same quarter last year, the business posted ($8.00) EPS. Sell-side analysts predict that Rent the Runway will post -19.08 earnings per share for the current year.

Insider Activity

In other news, CEO Jennifer Hyman sold 6,127 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $10.00, for a total value of $61,270.00. Following the completion of the transaction, the chief executive officer now owns 148,088 shares in the company, valued at $1,480,880. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 12,587 shares of company stock worth $125,467 in the last quarter. 6.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. purchased a new position in Rent the Runway during the second quarter valued at $33,000. Point72 DIFC Ltd purchased a new position in Rent the Runway during the second quarter valued at $70,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Rent the Runway during the second quarter valued at $72,000. Summit Securities Group LLC purchased a new position in Rent the Runway during the second quarter valued at $86,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Rent the Runway during the second quarter valued at $131,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

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.