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

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

RENT has been the subject of several recent analyst reports. JMP Securities decreased their price objective 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. The Goldman Sachs Group reduced their price target on shares of 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.

Insider Buying and Selling at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 4,600 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $12.28, for a total transaction of $56,488.00. Following the transaction, the chief executive officer now owns 164,884 shares of the company’s stock, valued at approximately $2,024,775.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 17,076 shares of company stock valued at $151,711. Company insiders own 9.05% of the company’s stock.

Hedge Funds Weigh In On Rent the Runway

Several hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new position in shares of Rent the Runway in the fourth quarter worth approximately $1,568,000. CastleKnight Management LP boosted its holdings 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 worth $288,000 after purchasing an additional 411,000 shares during the period. Breed s Hill Capital LLC acquired a new stake in Rent the Runway in the fourth quarter valued at approximately $53,000. Landscape Capital Management L.L.C. acquired a new stake in Rent the Runway in the third quarter valued at approximately $66,000. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Rent the Runway in the third quarter worth $46,000. Institutional investors and hedge funds own 73.10% of the company’s stock.

Rent the Runway Trading Down 9.0 %

RENT opened at $32.76 on Friday. The company has a fifty day simple moving average of $12.68 and a 200 day simple moving average of $11.68. The firm has a market cap of $120.23 million, a price-to-earnings ratio of -0.99 and a beta of 0.49. Rent the Runway has a twelve month low of $4.46 and a twelve month high of $58.00.

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