Rent the Runway (NASDAQ:RENT) Lowered to “Hold” Rating by Wall Street Zen

Rent the Runway (NASDAQ:RENT) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Rent the Runway in a report on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce”.

Rent the Runway Trading Down 8.7%

Shares of RENT stock opened at $4.71 on Friday. The stock has a market capitalization of $157.27 million, a price-to-earnings ratio of -1.61 and a beta of 1.28. Rent the Runway has a 12-month low of $3.69 and a 12-month high of $10.13. The stock’s 50-day moving average price is $7.08 and its 200-day moving average price is $5.94.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings results on Friday, December 12th. The company reported ($3.54) EPS for the quarter, beating analysts’ consensus estimates of ($4.87) by $1.33. The firm had revenue of $87.60 million for the quarter, compared to the consensus estimate of $73.80 million. As a group, research analysts predict that Rent the Runway will post -18.61 EPS for the current fiscal year.

Institutional Trading of Rent the Runway

Several hedge funds have recently made changes to their positions in RENT. Geode Capital Management LLC lifted its holdings in shares of Rent the Runway by 1,044.4% in the 4th quarter. Geode Capital Management LLC now owns 284,372 shares of the company’s stock valued at $2,251,000 after acquiring an additional 259,522 shares during the last quarter. Jane Street Group LLC purchased a new stake in Rent the Runway during the fourth quarter valued at approximately $690,000. Quinn Opportunity Partners LLC bought a new stake in shares of Rent the Runway in the 3rd quarter valued at approximately $421,000. State Street Corp bought a new stake in shares of Rent the Runway in the 4th quarter valued at approximately $484,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Rent the Runway in the 4th quarter worth approximately $218,000. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

About Rent the Runway

Rent the Runway (NASDAQ: RENT) operates an online marketplace and subscription service that provides designer apparel and accessory rentals to consumers. The company offers both one-time rentals and tiered subscription plans, enabling members to borrow items on a recurring basis rather than purchasing them outright. Rent the Runway’s inventory spans a wide range of brands and styles, including evening gowns, everyday wear, handbags and jewelry, positioning the company within the broader sharing-economy and circular-fashion movements.

Founded in 2009 by Jennifer Hyman and Jennifer Fleiss, Rent the Runway was built on the premise of making high-end fashion more accessible and sustainable.