Rent the Runway (NASDAQ:RENT) Price Target Cut to $20.00

Rent the Runway (NASDAQ:RENT) had its target price cut by research analysts at JMP Securities from $40.00 to $20.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective indicates a potential upside of 4.00% from the company’s current price.

Other research analysts have also issued research reports about the stock. The Goldman Sachs Group lowered their price objective on shares of Rent the Runway from $70.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Wells Fargo & Company reiterated an “equal weight” rating and set a $12.00 price target on shares of Rent the Runway in a research report on Tuesday, January 16th. Finally, Piper Sandler restated a “neutral” rating and issued a $15.00 price objective (down previously from $40.00) on shares of Rent the Runway in a report on Wednesday, January 17th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $31.88.

Rent the Runway Trading Down 0.8 %

Rent the Runway stock opened at $19.23 on Thursday. Rent the Runway has a 52 week low of $4.46 and a 52 week high of $69.20. The stock has a market cap of $67.69 million, a price-to-earnings ratio of -0.58 and a beta of 0.82. The company’s 50-day moving average price is $8.35 and its two-hundred day moving average price is $10.87.

Insider Activity

In related news, CEO Jennifer Hyman sold 3,668 shares of Rent the Runway stock in a transaction on Monday, February 5th. The stock was sold at an average price of $9.80, for a total value of $35,946.40. Following the transaction, the chief executive officer now directly owns 132,256 shares in the company, valued at approximately $1,296,108.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 16,519 shares of company stock worth $131,156. Insiders own 9.05% of the company’s stock.

Hedge Funds Weigh In On Rent the Runway

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP purchased a new stake in Rent the Runway during the first quarter valued at about $75,000. Barclays PLC lifted its position in shares of Rent the Runway by 541.1% in the 4th quarter. Barclays PLC now owns 12,700 shares of the company’s stock valued at $39,000 after acquiring an additional 10,719 shares in the last quarter. Prudential Financial Inc. acquired a new position in Rent the Runway in the 1st quarter worth approximately $40,000. Citigroup Inc. purchased a new position in Rent the Runway during the 2nd quarter worth approximately $28,000. Finally, BNP Paribas Arbitrage SNC acquired a new stake in Rent the Runway during the 3rd quarter valued at $33,000. Institutional investors and hedge funds own 73.10% of the company’s stock.

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.