Rent the Runway, Inc. (NASDAQ:RENT) Short Interest Update

Rent the Runway, Inc. (NASDAQ:RENT) was the recipient of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 860,308 shares, a growth of 24.0% from the January 15th total of 693,838 shares. Based on an average trading volume of 124,690 shares, the days-to-cover ratio is presently 6.9 days. Currently, 2.8% of the company’s stock are sold short. Currently, 2.8% of the company’s stock are sold short. Based on an average trading volume of 124,690 shares, the days-to-cover ratio is presently 6.9 days.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of Rent the Runway by 1,044.4% during the fourth quarter. Geode Capital Management LLC now owns 284,372 shares of the company’s stock valued at $2,251,000 after purchasing an additional 259,522 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Rent the Runway during the 4th quarter worth about $690,000. Quinn Opportunity Partners LLC acquired a new stake in shares of Rent the Runway in the 3rd quarter worth approximately $421,000. State Street Corp bought a new position in shares of Rent the Runway in the fourth quarter valued at approximately $484,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of Rent the Runway during the fourth quarter valued at approximately $218,000. Institutional investors and hedge funds own 73.10% of the company’s stock.

Rent the Runway Stock Up 5.5%

NASDAQ RENT traded up $0.33 during trading hours on Wednesday, hitting $6.31. The company had a trading volume of 41,813 shares, compared to its average volume of 119,916. Rent the Runway has a fifty-two week low of $3.69 and a fifty-two week high of $10.13. The firm has a market cap of $210.62 million, a P/E ratio of -2.19 and a beta of 1.26. The business has a fifty day simple moving average of $7.60 and a 200-day simple moving average of $5.83.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings data on Friday, December 12th. The company reported ($3.54) earnings per share for the quarter, topping analysts’ consensus estimates of ($4.87) by $1.33. The firm had revenue of $87.60 million during the quarter, compared to analyst estimates of $73.80 million. Equities analysts forecast that Rent the Runway will post -18.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RENT has been the topic of several research analyst reports. Wall Street Zen raised shares of Rent the Runway from a “hold” rating to a “buy” rating in a research report on Saturday, January 17th. Weiss Ratings restated a “sell (d)” rating on shares of Rent the Runway in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rent the Runway currently has an average rating of “Reduce”.

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.