Rent the Runway (NASDAQ:RENT) Announces Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Rent the Runway (NASDAQ:RENTGet Rating) released its quarterly earnings data on Monday. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.65) by $0.12, MarketWatch Earnings reports.

Rent the Runway Trading Down 6.6 %

RENT traded down $0.20 on Wednesday, hitting $2.82. 50,895 shares of the stock traded hands, compared to its average volume of 970,578. Rent the Runway has a 52 week low of $2.98 and a 52 week high of $24.77. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 7.78. The business has a fifty day moving average price of $4.50 and a two-hundred day moving average price of $4.86.

Insider Activity at Rent the Runway

In other news, CEO Jennifer Hyman sold 9,383 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $4.56, for a total value of $42,786.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold 17,744 shares of company stock worth $80,913 over the last three months. Company insiders own 10.70% of the company’s stock.

Institutional Investors Weigh In On Rent the Runway

A number of large investors have recently bought and sold shares of the business. Quantbot Technologies LP acquired a new position in Rent the Runway during the 1st quarter worth $75,000. Verition Fund Management LLC bought a new stake in shares of Rent the Runway in the 2nd quarter valued at $50,000. Rhumbline Advisers increased its position in shares of Rent the Runway by 49.1% in the 1st quarter. Rhumbline Advisers now owns 17,046 shares of the company’s stock valued at $117,000 after buying an additional 5,617 shares in the last quarter. Ergoteles LLC bought a new stake in shares of Rent the Runway in the 1st quarter valued at $121,000. Finally, Vident Investment Advisory LLC bought a new stake in shares of Rent the Runway in the 1st quarter valued at $130,000. 78.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on RENT. Telsey Advisory Group dropped their price target on shares of Rent the Runway from $13.00 to $8.00 and set an “outperform” rating on the stock in a research note on Tuesday. Barclays decreased their target price on Rent the Runway from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Tuesday. Piper Sandler decreased their target price on Rent the Runway from $10.00 to $6.00 and set an “overweight” rating on the stock in a report on Tuesday. Credit Suisse Group cut Rent the Runway from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $7.00 to $4.00 in a report on Tuesday. Finally, The Goldman Sachs Group lowered their price target on Rent the Runway from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.91.

Rent the Runway Company Profile

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Rent the Runway, Inc rents designer wear for women through its stores and online retail. The company offers ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods, evening wear, and kids wear, as well as accessories.

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Earnings History for Rent the Runway (NASDAQ:RENT)

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