Analysts Set Rent the Runway, Inc. (NASDAQ:RENT) Price Target at $25.86

Rent the Runway, Inc. (NASDAQ:RENT) has been assigned an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $25.86.

A number of research analysts recently issued reports on the company. Jefferies Financial Group lowered their target price on Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JMP Securities boosted their target price on shares of 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.

Rent the Runway Trading Up 12.4 %

NASDAQ RENT opened at $9.45 on Thursday. Rent the Runway has a 52 week low of $4.46 and a 52 week high of $41.81. The stock has a market cap of $34.70 million, a price-to-earnings ratio of -0.31 and a beta of 1.08. The company has a 50-day moving average price of $12.60 and a two-hundred day moving average price of $14.91.

Rent the Runway (NASDAQ:RENT) last announced its earnings results on Thursday, September 5th. The company reported ($4.17) earnings per share (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 the consensus estimate of $76.60 million. During the same quarter in the prior year, the company earned ($8.00) EPS. As a group, equities research analysts expect that Rent the Runway will post -19.08 earnings per share for the current fiscal year.

Insider Activity at Rent the Runway

In other news, CEO Jennifer Hyman sold 6,127 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $10.00, for a total transaction of $61,270.00. Following the transaction, the chief executive officer now owns 148,088 shares in the company, valued at approximately $1,480,880. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 18,187 shares of company stock valued at $195,670. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rent the Runway

A number of institutional investors have recently modified their holdings of RENT. CastleKnight Management LP lifted its position in shares of Rent the Runway by 304.9% during the 4th 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 last quarter. Nisa Investment Advisors LLC bought a new position in Rent the Runway during the second quarter worth about $308,000. XTX Topco Ltd acquired a new stake in Rent the Runway in the 2nd quarter valued at $293,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Rent the Runway in the 2nd quarter valued at $227,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Rent the Runway in the second quarter valued at about $131,000. Institutional investors own 73.10% of the company’s stock.

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.