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

Rent the Runway, Inc. (NASDAQ:RENT) has received an average rating of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $31.88.

Several analysts have recently commented on the company. The Goldman Sachs Group lowered their price objective on Rent the Runway from $40.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, April 12th. JMP Securities lowered their price objective on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating for the company in a research note on Thursday, April 11th.

Insider Buying and Selling at Rent the Runway

In other news, CEO Jennifer Hyman sold 7,770 shares of Rent the Runway stock in a transaction on Monday, March 18th. The stock was sold at an average price of $7.00, for a total value of $54,390.00. Following the completion of the transaction, the chief executive officer now directly owns 169,486 shares in the company, valued at $1,186,402. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 17,076 shares of company stock worth $151,711 over the last ninety days. 9.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rent the Runway

Several hedge funds have recently made changes to their positions in the stock. CastleKnight Management LP grew its position in shares of Rent the Runway by 304.9% in the fourth quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after purchasing an additional 411,000 shares in the last quarter. Breed s Hill Capital LLC purchased a new position in Rent the Runway during the fourth quarter worth about $53,000. Russell Investments Group Ltd. purchased a new position in Rent the Runway during the fourth quarter worth about $1,568,000. Landscape Capital Management L.L.C. purchased a new position in Rent the Runway during the third quarter worth about $66,000. Finally, Panagora Asset Management Inc. purchased a new position in Rent the Runway during the third quarter worth about $46,000. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

Rent the Runway Stock Performance

Shares of NASDAQ:RENT opened at $32.76 on Friday. The business’s 50 day simple moving average is $12.68 and its two-hundred day simple moving average is $11.68. The firm has a market cap of $120.23 million, a P/E ratio of -0.99 and a beta of 0.49. Rent the Runway has a 52-week low of $4.46 and a 52-week high of $58.00.

Rent the Runway (NASDAQ:RENT) last issued its quarterly earnings data on Wednesday, April 10th. The company reported ($5.83) EPS for the quarter, missing the consensus estimate of ($5.80) by ($0.03). The firm had revenue of $75.80 million during the quarter, compared to analysts’ expectations of $74.50 million. On average, equities analysts forecast that Rent the Runway will post -20.2 earnings per share for the current fiscal year.

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.