The Goldman Sachs Group Lowers Rent the Runway (NASDAQ:RENT) Price Target to $28.00

Rent the Runway (NASDAQ:RENT) had its price target dropped by investment analysts at The Goldman Sachs Group from $40.00 to $28.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 45.61% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $15.00 price target (down previously from $40.00) on shares of Rent the Runway in a research report on Wednesday, January 17th. JMP Securities decreased their target price on shares of Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating for the company in a research report on Thursday. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $12.00 target price on shares of Rent the Runway in a research report on Tuesday, January 16th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.88.

Rent the Runway Stock Performance

Shares of RENT opened at $19.23 on Friday. The company has a 50 day moving average price of $8.35 and a 200-day moving average price of $10.85. Rent the Runway has a fifty-two week low of $4.46 and a fifty-two week high of $69.20. The stock has a market capitalization of $67.69 million, a PE ratio of -0.58 and a beta of 0.82.

Insider Activity at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 7,770 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $7.00, for a total value of $54,390.00. Following the completion of the transaction, the chief executive officer now owns 169,486 shares of the company’s stock, valued at $1,186,402. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold 16,519 shares of company stock valued at $131,156 over the last 90 days. Insiders own 9.05% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in shares of Rent the Runway in the first quarter worth $75,000. Barclays PLC raised its holdings in shares of Rent the Runway by 541.1% in the fourth quarter. Barclays PLC now owns 12,700 shares of the company’s stock worth $39,000 after buying an additional 10,719 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of Rent the Runway in the first quarter worth $40,000. Citigroup Inc. purchased a new position in shares of Rent the Runway in the second quarter worth $28,000. Finally, BNP Paribas Arbitrage SNC purchased a new position in shares of Rent the Runway during the third quarter worth $33,000. 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.