Rent the Runway (NASDAQ:RENT) Posts Quarterly Earnings Results, Beats Estimates By $1.69 EPS

Rent the Runway (NASDAQ:RENT) posted its quarterly earnings results on Thursday. The company reported ($4.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($5.86) by $1.69, Yahoo Finance reports. The business had revenue of $78.90 million during the quarter, compared to the consensus estimate of $76.60 million. During the same quarter last year, the company posted ($8.00) EPS. Rent the Runway updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Rent the Runway Stock Down 27.7 %

Shares of NASDAQ:RENT opened at $10.90 on Friday. Rent the Runway has a 12-month low of $4.46 and a 12-month high of $41.81. The company’s 50 day moving average price is $14.05 and its two-hundred day moving average price is $14.68. The firm has a market cap of $40.00 million, a PE ratio of -0.36 and a beta of 1.08.

Insider Activity

In related news, CEO Jennifer Hyman sold 4,544 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $11.96, for a total transaction of $54,346.24. Following the sale, the chief executive officer now owns 154,215 shares of the company’s stock, valued at $1,844,411.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 7,040 shares of company stock worth $84,200. Corporate insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RENT. JMP Securities increased their price objective on shares of Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a research report on Friday, June 7th. Jefferies Financial Group cut their price objective on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a research report on Friday. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $25.13.

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.