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

Rent the Runway (NASDAQ:RENT) announced its earnings results on Thursday. The company reported ($4.17) EPS for the quarter, beating the consensus estimate of ($5.86) by $1.69, Yahoo Finance reports. During the same period in the previous year, the company earned ($8.00) EPS. Rent the Runway updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Rent the Runway Price Performance

Rent the Runway stock traded down $1.48 during mid-day trading on Friday, hitting $13.60. The company’s stock had a trading volume of 38,628 shares, compared to its average volume of 572,860. The firm’s 50 day moving average is $14.18 and its 200 day moving average is $14.67. The company has a market cap of $49.91 million, a PE ratio of -0.45 and a beta of 1.08. Rent the Runway has a 52-week low of $4.46 and a 52-week high of $41.81.

Insider Buying and Selling

In related news, CEO Jennifer Hyman sold 4,544 shares of the 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 completion of the sale, the chief executive officer now directly owns 154,215 shares of the company’s stock, valued at approximately $1,844,411.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 7,040 shares of company stock valued at $84,200. Corporate insiders own 6.60% of the company’s stock.

Analyst Ratings Changes

Separately, JMP Securities upped their target price on Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a report on Friday, June 7th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $25.00.

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.