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

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have been given a consensus rating of “Moderate Buy” by the seven analysts that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $25.86.

Several brokerages have recently issued reports on RENT. JMP Securities increased their target price on Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Friday, June 7th. Jefferies Financial Group decreased their price objective on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a report on Friday, September 6th.

Insiders Place Their Bets

In other news, CEO Jennifer Hyman sold 6,127 shares of Rent the Runway stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $10.00, for a total value of $61,270.00. Following the completion of the transaction, the chief executive officer now owns 148,088 shares of the company’s stock, valued at approximately $1,480,880. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 18,187 shares of company stock valued at $195,670. 6.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rent the Runway

A number of institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC purchased a new position in Rent the Runway in the 2nd quarter worth approximately $308,000. Meeder Asset Management Inc. purchased a new position in shares of Rent the Runway in the second quarter worth $33,000. Summit Securities Group LLC bought a new position in shares of Rent the Runway during the second quarter valued at $86,000. CastleKnight Management LP boosted its position in shares of Rent the Runway by 304.9% during the fourth 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. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Rent the Runway during the second quarter valued at $131,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Rent the Runway Stock Down 0.8 %

Shares of RENT stock opened at $9.55 on Thursday. The stock has a fifty day moving average of $12.24 and a 200 day moving average of $14.89. The firm has a market capitalization of $35.07 million, a price-to-earnings ratio of -0.32 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.

Rent the Runway (NASDAQ:RENT) last announced its earnings results on Thursday, September 5th. The company reported ($4.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($5.86) by $1.69. The company had revenue of $78.90 million for the quarter, compared to the consensus estimate of $76.60 million. During the same period in the previous year, the firm posted ($8.00) EPS. Equities research analysts anticipate that Rent the Runway 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.