Rent the Runway (NASDAQ:RENT) Given “Market Outperform” Rating at JMP Securities

JMP Securities reissued their market outperform rating on shares of Rent the Runway (NASDAQ:RENT) in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a $40.00 price objective on the stock.

Separately, Jefferies Financial Group dropped their price objective on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.20.

Rent the Runway Stock Down 4.7 %

Shares of NASDAQ RENT opened at $9.55 on Tuesday. The stock has a market capitalization of $36.37 million, a P/E ratio of -0.43 and a beta of 1.18. The firm’s 50-day moving average price is $10.06 and its two-hundred day moving average price is $13.62. Rent the Runway has a 52-week low of $4.46 and a 52-week high of $41.81.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings data on Monday, December 9th. The company reported ($4.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.45) by ($0.49). During the same quarter last year, the business posted ($8.86) earnings per share. As a group, equities research analysts expect that Rent the Runway will post -19.08 earnings per share for the current year.

Insider Transactions at Rent the Runway

In related news, CEO Jennifer Hyman sold 6,127 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $10.00, for a total value of $61,270.00. Following the completion of the sale, the chief executive officer now owns 148,088 shares of the company’s stock, valued at $1,480,880. This represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 12,587 shares of company stock valued at $125,467. 6.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rent the Runway

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new position in shares of Rent the Runway during the third quarter valued at approximately $260,000. Point72 DIFC Ltd bought a new position in Rent the Runway during the 2nd quarter valued at $70,000. Cubist Systematic Strategies LLC acquired a new position in shares of Rent the Runway during the 2nd quarter valued at $131,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Rent the Runway in the 2nd quarter worth $72,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Rent the Runway in the second quarter valued at $227,000. 73.10% of the stock is currently owned by institutional investors.

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.