Sarah K. Tam Sells 1,394 Shares of Rent the Runway, Inc. (NASDAQ:RENT) Stock

Rent the Runway, Inc. (NASDAQ:RENT) insider Sarah K. Tam sold 1,394 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $10.00, for a total value of $13,940.00. Following the completion of the transaction, the insider now directly owns 32,315 shares of the company’s stock, valued at $323,150. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Rent the Runway Stock Up 2.9 %

RENT stock opened at $9.90 on Friday. The company has a 50 day moving average price of $13.15 and a two-hundred day moving average price of $14.82. Rent the Runway, Inc. has a one year low of $4.46 and a one year high of $41.81.

Rent the Runway (NASDAQ:RENT) last posted its quarterly earnings data on Thursday, September 5th. The company reported ($4.17) earnings per share (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 analyst estimates of $76.60 million. During the same quarter last year, the business earned ($8.00) EPS. On average, sell-side analysts anticipate that Rent the Runway, Inc. will post -19.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on RENT. JMP Securities upped their target price on Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a report on Friday, June 7th. Jefferies Financial Group cut their price target on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a report on Friday, September 6th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.86.

Institutional Trading of Rent the Runway

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RENT. CastleKnight Management LP lifted its holdings 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 acquiring an additional 411,000 shares during the period. Nisa Investment Advisors LLC acquired a new position in Rent the Runway during the second quarter worth approximately $308,000. XTX Topco Ltd purchased a new position in Rent the Runway during the second quarter worth approximately $293,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Rent the Runway in the 2nd quarter valued at $227,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Rent the Runway during the 2nd quarter valued at $131,000. Hedge funds and other 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.