Rent the Runway (NASDAQ:RENT) PT Lowered to $26.00 at Jefferies Financial Group

Rent the Runway (NASDAQ:RENT) had its price target cut by Jefferies Financial Group from $34.00 to $26.00 in a research report report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

Separately, JMP Securities upped their price objective on Rent the Runway from $20.00 to $40.00 and gave the company a market outperform rating in a research note on Friday, June 7th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Rent the Runway has an average rating of Moderate Buy and a consensus target price of $25.13.

Rent the Runway Stock Performance

RENT stock opened at $10.90 on Friday. The company has a market capitalization of $40.02 million, a P/E ratio of -0.36 and a beta of 1.08. Rent the Runway has a 52-week low of $4.46 and a 52-week high of $41.81. The business has a 50-day simple moving average of $14.05 and a two-hundred day simple moving average of $14.76.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings results on Thursday, September 5th. The company reported ($4.17) EPS for the quarter, beating analysts’ consensus estimates of ($5.86) by $1.69. The company had revenue of $78.90 million during the quarter, compared to analysts’ expectations of $76.60 million. During the same period in the previous year, the company posted ($8.00) earnings per share. As a group, sell-side analysts forecast that Rent the Runway will post -22.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rent the Runway news, CEO Jennifer Hyman sold 4,544 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $11.96, for a total transaction of $54,346.24. Following the sale, the chief executive officer now owns 154,215 shares of the company’s stock, valued at approximately $1,844,411.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 7,040 shares of company stock valued at $84,200. Company insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Rent the Runway

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC purchased a new position in Rent the Runway during the second quarter valued at approximately $227,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Rent the Runway during the 2nd quarter valued at $72,000. Cubist Systematic Strategies LLC bought a new position in shares of Rent the Runway in the second quarter worth $131,000. Point72 DIFC Ltd purchased a new stake in shares of Rent the Runway in the second quarter worth $70,000. Finally, XTX Topco Ltd bought a new stake in Rent the Runway during the second quarter valued at $293,000. 73.10% of the stock is currently owned by institutional investors.

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.