Rent the Runway (NASDAQ:RENT) Price Target Lowered to $1.00 at Morgan Stanley

Rent the Runway (NASDAQ:RENT) had its target price trimmed by Morgan Stanley from $3.50 to $1.00 in a research note issued to investors on Monday, Marketbeat.com reports. The firm currently has an equal weight rating on the stock.

A number of other brokerages also recently issued reports on RENT. Wells Fargo & Company decreased their price target on Rent the Runway from $8.00 to $4.00 and set an overweight rating for the company in a report on Monday. Barclays decreased their price target on Rent the Runway from $4.00 to $3.00 and set an overweight rating for the company in a report on Monday. Telsey Advisory Group downgraded Rent the Runway from an outperform rating to a market perform rating and decreased their price target for the company from $4.00 to $1.00 in a report on Monday. Raymond James downgraded Rent the Runway from an outperform rating to a market perform rating in a report on Friday. Finally, Piper Sandler reduced their target price on Rent the Runway from $6.00 to $4.00 and set an overweight rating for the company in a research note on Monday. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rent the Runway currently has a consensus rating of Moderate Buy and a consensus price target of $3.78.

Rent the Runway Stock Down 3.1 %

Shares of NASDAQ RENT opened at $0.95 on Monday. The business’s 50 day moving average price is $1.60 and its 200 day moving average price is $2.25. The firm has a market cap of $63.96 million, a P/E ratio of -0.52 and a beta of 0.68. Rent the Runway has a 52 week low of $0.86 and a 52 week high of $5.00.

Rent the Runway (NASDAQ:RENT) last issued its earnings results on Friday, September 8th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.03. The firm had revenue of $75.70 million during the quarter, compared to analysts’ expectations of $78.54 million. During the same quarter in the prior year, the company earned ($0.53) EPS. As a group, research analysts expect that Rent the Runway will post -1.74 earnings per share for the current year.

Insider Transactions at Rent the Runway

In related news, CFO Siddharth Thacker sold 34,475 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $1.66, for a total transaction of $57,228.50. Following the completion of the sale, the chief financial officer now directly owns 719,264 shares in the company, valued at $1,193,978.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Andrew Rau sold 12,611 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $2.33, for a total transaction of $29,383.63. Following the completion of the sale, the senior vice president now directly owns 274,683 shares in the company, valued at $640,011.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Siddharth Thacker sold 34,475 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $1.66, for a total value of $57,228.50. Following the sale, the chief financial officer now owns 719,264 shares of the company’s stock, valued at $1,193,978.24. The disclosure for this sale can be found here. Insiders sold a total of 267,552 shares of company stock valued at $559,876 in the last three months. 12.09% of the stock is currently owned by company insiders.

Institutional Trading of Rent the Runway

Several large investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd grew its holdings in Rent the Runway by 54.0% in the 2nd quarter. XTX Topco Ltd now owns 207,898 shares of the company’s stock valued at $412,000 after buying an additional 72,897 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Rent the Runway by 27.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 301,554 shares of the company’s stock valued at $597,000 after buying an additional 65,561 shares in the last quarter. Divisar Capital Management LLC grew its holdings in Rent the Runway by 0.9% in the 2nd quarter. Divisar Capital Management LLC now owns 4,633,389 shares of the company’s stock valued at $9,174,000 after buying an additional 41,610 shares in the last quarter. State Street Corp grew its holdings in Rent the Runway by 2.5% in the 2nd quarter. State Street Corp now owns 1,035,947 shares of the company’s stock valued at $2,051,000 after buying an additional 25,166 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in Rent the Runway by 16.7% in the 2nd quarter. BlackRock Inc. now owns 3,177,966 shares of the company’s stock valued at $6,292,000 after buying an additional 453,698 shares in the last quarter. 66.51% of the stock is currently owned by hedge funds and other 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.