Meeder Asset Management Inc. Buys Shares of 1,893 Rent the Runway, Inc. (NASDAQ:RENT)

Meeder Asset Management Inc. acquired a new stake in Rent the Runway, Inc. (NASDAQ:RENT) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,893 shares of the company’s stock, valued at approximately $33,000. Meeder Asset Management Inc. owned about 0.05% of Rent the Runway as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CastleKnight Management LP increased its stake in 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 during the last quarter. Nisa Investment Advisors LLC acquired a new stake in shares of Rent the Runway in the second quarter valued at about $308,000. Finally, Summit Securities Group LLC bought a new stake in Rent the Runway during the second quarter worth about $86,000. 73.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RENT. Jefferies Financial Group dropped their price objective on Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. JMP Securities increased their price target on shares of Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a research note on Friday, June 7th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Rent the Runway has a consensus rating of “Moderate Buy” and a consensus price target of $25.86.

Insider Activity

In related news, CEO Jennifer Hyman sold 4,544 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $11.96, for a total value of $54,346.24. Following the sale, the chief executive officer now directly owns 154,215 shares of the company’s stock, valued at $1,844,411.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 7,040 shares of company stock worth $84,200. Insiders own 6.60% of the company’s stock.

Rent the Runway Price Performance

NASDAQ:RENT opened at $10.43 on Monday. The stock has a 50 day simple moving average of $13.57 and a 200 day simple moving average of $14.82. Rent the Runway, Inc. has a 1-year low of $4.46 and a 1-year high of $41.81.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings results on Thursday, September 5th. The company reported ($4.17) EPS for the quarter, beating the consensus estimate of ($5.86) by $1.69. The business had revenue of $78.90 million during the quarter, compared to analyst estimates of $76.60 million. During the same quarter last year, the company posted ($8.00) earnings per share. On average, research analysts forecast that Rent the Runway, Inc. will post -19.08 earnings per share for the current 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.