Rent the Runway (NASDAQ:RENT) Shares Cross Above 200 Day Moving Average of $10.83

Rent the Runway, Inc. (NASDAQ:RENT)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.83 and traded as high as $12.79. Rent the Runway shares last traded at $12.35, with a volume of 475,027 shares.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. The Goldman Sachs Group decreased their target price on Rent the Runway from $40.00 to $28.00 and set a “buy” rating for the company in a report on Friday, April 12th. Piper Sandler reaffirmed a “neutral” rating and set a $15.00 target price (down previously from $40.00) on shares of Rent the Runway in a report on Wednesday, January 17th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $12.00 target price on shares of Rent the Runway in a report on Tuesday, January 16th. Finally, JMP Securities decreased their target price on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating for the company in a report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. 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 Up 9.5 %

The firm has a 50-day moving average of $8.57 and a two-hundred day moving average of $10.83. The company has a market capitalization of $43.47 million, a PE ratio of -0.37 and a beta of 0.82.

Insider Activity at Rent the Runway

In other news, CEO Jennifer Hyman sold 3,668 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 132,256 shares in the company, valued at $1,296,108.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 16,519 shares of company stock worth $131,156. 9.05% of the stock is owned by corporate insiders.

Institutional Trading of Rent the Runway

Institutional investors and hedge funds have recently made changes to their positions in the business. Citigroup Inc. purchased a new stake in shares of Rent the Runway in the second quarter valued at approximately $28,000. BNP Paribas Arbitrage SNC purchased a new stake in shares of Rent the Runway during the third quarter worth approximately $33,000. Barclays PLC increased its position in shares of Rent the Runway by 720.3% during the fourth quarter. Barclays PLC now owns 68,601 shares of the company’s stock worth $36,000 after purchasing an additional 60,238 shares in the last quarter. LM Advisors LLC purchased a new stake in shares of Rent the Runway during the fourth quarter worth approximately $37,000. Finally, Commonwealth Equity Services LLC increased its position in shares of Rent the Runway by 119.2% during the third quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock worth $38,000 after purchasing an additional 30,050 shares in the last quarter. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

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.