Rent the Runway, Inc. (NASDAQ:RENT) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Rent the Runway, Inc. (NASDAQ:RENT – Get Rating) have been given an average recommendation of “Moderate Buy” by the twelve analysts that are currently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $6.55.

Several analysts have weighed in on RENT shares. Morgan Stanley boosted their price objective on Rent the Runway from $2.50 to $3.50 and gave the stock an “equal weight” rating in a report on Tuesday, December 13th. Wolfe Research started coverage on Rent the Runway in a report on Thursday, December 15th. They set a “peer perform” rating for the company. Telsey Advisory Group dropped their price objective on Rent the Runway from $8.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, December 8th. Finally, Barclays lowered their price target on Rent the Runway from $6.00 to $3.00 and set an “overweight” rating for the company in a research note on Thursday, December 8th.

Insider Activity at Rent the Runway

In related news, CEO Jennifer Hyman sold 7,737 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $4.51, for a total value of $34,893.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CRO Brian Donato sold 8,183 shares of the stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $4.51, for a total value of $36,905.33. Following the completion of the sale, the executive now owns 529,811 shares of the company’s stock, valued at approximately $2,389,447.61. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jennifer Hyman sold 7,737 shares of the stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $4.51, for a total value of $34,893.87. The disclosure for this sale can be found here. In the last three months, insiders sold 25,713 shares of company stock worth $115,966. 10.70% of the stock is owned by company insiders.

Institutional Trading of Rent the Runway

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its stake in Rent the Runway by 58.3% in the 1st quarter. Bank of New York Mellon Corp now owns 47,941 shares of the company’s stock valued at $331,000 after buying an additional 17,655 shares during the last quarter. Rhumbline Advisers grew its stake in Rent the Runway by 49.1% in the 1st quarter. Rhumbline Advisers now owns 17,046 shares of the company’s stock valued at $117,000 after buying an additional 5,617 shares during the last quarter. BlackRock Inc. grew its stake in Rent the Runway by 9.3% in the 1st quarter. BlackRock Inc. now owns 1,080,159 shares of the company’s stock valued at $7,443,000 after buying an additional 92,172 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in Rent the Runway in the 1st quarter valued at about $4,294,000. Finally, Vanguard Group Inc. grew its stake in Rent the Runway by 9.9% in the 1st quarter. Vanguard Group Inc. now owns 922,194 shares of the company’s stock valued at $6,354,000 after buying an additional 83,227 shares during the last quarter. Institutional investors and hedge funds own 69.87% of the company’s stock.

Rent the Runway Stock Performance

Shares of NASDAQ:RENT opened at $2.94 on Tuesday. The stock has a market capitalization of $191.16 million, a P/E ratio of -1.24 and a beta of 0.82. Rent the Runway has a 1-year low of $1.10 and a 1-year high of $7.49. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 38.00. The business has a 50-day moving average price of $3.75 and a two-hundred day moving average price of $2.90.

Rent the Runway Company Profile

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Rent the Runway, Inc rents designer wear for women through its stores and online retail. The company offers ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods, evening wear, and kids wear, as well as accessories.