Rent the Runway, Inc. (NASDAQ:RENT) Receives $25.86 Average PT from Brokerages

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $25.86.

Separately, Jefferies Financial Group reduced their target price on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, September 6th.

Insider Transactions at Rent the Runway

In other news, CEO Jennifer Hyman sold 6,127 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $10.00, for a total value of $61,270.00. Following the completion of the transaction, the chief executive officer now directly owns 148,088 shares in the company, valued at approximately $1,480,880. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 12,587 shares of company stock worth $125,467. 6.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rent the Runway

Several institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new stake in Rent the Runway during the 2nd quarter valued at about $33,000. Point72 DIFC Ltd purchased a new stake in Rent the Runway during the 2nd quarter valued at about $70,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Rent the Runway during the 2nd quarter valued at about $72,000. Summit Securities Group LLC bought a new position in Rent the Runway during the 2nd quarter valued at approximately $86,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Rent the Runway in the 2nd quarter worth approximately $131,000. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

Rent the Runway Stock Up 2.4 %

Rent the Runway stock opened at $10.10 on Friday. 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 $10.08 and a 200 day simple moving average of $15.14. The stock has a market cap of $38.46 million, a price-to-earnings ratio of -0.38 and a beta of 1.04.

Rent the Runway (NASDAQ:RENT) last posted its earnings results on Thursday, September 5th. The company reported ($4.17) EPS for the quarter, topping the consensus estimate of ($5.86) by $1.69. The business had revenue of $78.90 million for the quarter, compared to analysts’ expectations of $76.60 million. During the same quarter in the previous year, the firm earned ($8.00) earnings per share. On average, research analysts anticipate that Rent the Runway will post -19.08 earnings per share for the current year.

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.