Rent the Runway, Inc. (NASDAQ:RENT) Given Average Recommendation of “Hold” by Analysts

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have been given an average recommendation of “Hold” by the eight analysts that are covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $31.88.

A number of equities analysts have recently issued reports on the company. JMP Securities reduced their price target on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 11th. The Goldman Sachs Group reduced their price target on Rent the Runway from $40.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, April 12th.

Rent the Runway Stock Up 1.0 %

Rent the Runway stock opened at $29.75 on Friday. The business has a fifty day moving average of $13.57 and a two-hundred day moving average of $11.93. The firm has a market cap of $109.18 million, a P/E ratio of -0.90 and a beta of 0.49. Rent the Runway has a twelve month low of $4.46 and a twelve month high of $58.00.

Rent the Runway (NASDAQ:RENT) last posted its earnings results on Wednesday, April 10th. The company reported ($5.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($5.80) by ($0.03). The business had revenue of $75.80 million during the quarter, compared to the consensus estimate of $74.50 million. Equities analysts expect that Rent the Runway will post -20.2 earnings per share for the current year.

Insider Activity at Rent the Runway

In related news, CEO Jennifer Hyman sold 4,600 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $12.28, for a total value of $56,488.00. Following the transaction, the chief executive officer now directly owns 164,884 shares of the company’s stock, valued at approximately $2,024,775.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 17,076 shares of company stock valued at $151,711 in the last ninety days. Company insiders own 9.05% of the company’s stock.

Institutional Investors Weigh In On Rent the Runway

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RENT. Commonwealth Equity Services LLC raised its stake in shares of Rent the Runway by 119.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock valued at $38,000 after buying an additional 30,050 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Rent the Runway during the 3rd quarter valued at about $46,000. Landscape Capital Management L.L.C. purchased a new position in shares of Rent the Runway during the 3rd quarter valued at about $66,000. Russell Investments Group Ltd. purchased a new position in shares of Rent the Runway during the 4th quarter valued at about $1,568,000. Finally, Breed s Hill Capital LLC purchased a new position in shares of Rent the Runway during the 4th quarter valued at about $53,000. 73.10% of the stock is owned by institutional investors and hedge funds.

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.