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

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $26.83.

Separately, Jefferies Financial Group reduced their price target 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, September 6th.

Insider Activity

In other news, CEO Jennifer Hyman sold 6,127 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.00, for a total transaction of $61,270.00. Following the transaction, the chief executive officer now directly owns 148,088 shares of the company’s stock, valued at $1,480,880. This represents a 3.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 12,587 shares of company stock valued at $125,467 in the last 90 days. 6.60% of the stock is currently owned by insiders.

Institutional Trading of Rent the Runway

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC purchased a new position in Rent the Runway in the second quarter worth about $308,000. Summit Securities Group LLC purchased a new position in shares of Rent the Runway in the second quarter worth approximately $86,000. Meeder Asset Management Inc. bought a new stake in Rent the Runway during the second quarter valued at approximately $33,000. XTX Topco Ltd purchased a new stake in Rent the Runway during the second quarter valued at approximately $293,000. Finally, Point72 DIFC Ltd purchased a new stake in Rent the Runway during the second quarter valued at approximately $70,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Rent the Runway Trading Up 1.6 %

Rent the Runway stock opened at $11.92 on Tuesday. Rent the Runway has a 12 month low of $4.46 and a 12 month high of $41.81. The company has a market capitalization of $45.39 million, a price-to-earnings ratio of -0.45 and a beta of 1.04. The business’s fifty day simple moving average is $9.83 and its two-hundred day simple moving average is $14.61.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings results on Thursday, September 5th. The company reported ($4.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($5.86) by $1.69. The firm had revenue of $78.90 million during the quarter, compared to the consensus estimate of $76.60 million. During the same quarter in the previous year, the firm earned ($8.00) EPS. On average, equities research analysts predict that Rent the Runway will post -19.08 EPS 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.