Insider Selling: Rent the Runway, Inc. (NASDAQ:RENT) SVP Sells $11,137.96 in Stock

Rent the Runway, Inc. (NASDAQ:RENT) SVP Becky Case sold 907 shares of Rent the Runway stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $12.28, for a total transaction of $11,137.96. Following the completion of the transaction, the senior vice president now owns 30,379 shares in the company, valued at approximately $373,054.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Rent the Runway Stock Performance

Shares of NASDAQ:RENT opened at $13.22 on Thursday. Rent the Runway, Inc. has a 52-week low of $4.46 and a 52-week high of $58.00. The firm has a market capitalization of $48.54 million, a P/E ratio of -0.40 and a beta of 0.49. The stock has a 50 day moving average price of $9.40 and a 200-day moving average price of $10.75.

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

Institutional Investors Weigh In On Rent the Runway

Hedge funds have recently bought and sold shares of the business. Commonwealth Equity Services LLC increased its holdings in shares of Rent the Runway by 119.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock worth $38,000 after purchasing an additional 30,050 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in Rent the Runway in the third quarter worth about $46,000. Landscape Capital Management L.L.C. bought a new position in shares of Rent the Runway in the third quarter worth about $66,000. Breed s Hill Capital LLC bought a new position in shares of Rent the Runway during the 4th quarter valued at approximately $53,000. Finally, CastleKnight Management LP increased its holdings in Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after acquiring an additional 411,000 shares in the last quarter. Institutional investors own 73.10% of the company’s stock.

Wall Street Analysts Forecast Growth

RENT has been the topic of several recent research reports. The Goldman Sachs Group reduced their price target on Rent the Runway from $40.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. JMP Securities lowered their price target on shares of Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating for the company in a report on Thursday, April 11th. Piper Sandler reaffirmed a “neutral” rating and set a $15.00 price objective (down from $40.00) on shares of Rent the Runway in a research note on Wednesday, January 17th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $12.00 price objective on shares of Rent the Runway in a report on Tuesday, January 16th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Rent the Runway currently has a consensus rating of “Hold” and an average price target of $31.88.

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.