Rent the Runway’s (RENT) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of Rent the Runway (NASDAQ:RENT) in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a $40.00 price objective on the stock.

Separately, Jefferies Financial Group dropped their target price on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rent the Runway has an average rating of “Moderate Buy” and an average price target of $24.20.

Rent the Runway Price Performance

Shares of NASDAQ:RENT opened at $8.90 on Tuesday. The business’s 50 day moving average price is $10.05 and its 200-day moving average price is $13.55. Rent the Runway has a 1 year low of $4.46 and a 1 year high of $41.81. The firm has a market capitalization of $33.89 million, a PE ratio of -0.40 and a beta of 1.18.

Rent the Runway (NASDAQ:RENT) last released its earnings results on Monday, December 9th. The company reported ($4.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.45) by ($0.49). During the same period last year, the firm earned ($8.86) EPS. As a group, analysts expect that Rent the Runway will post -19.08 earnings per share for the current year.

Insider Activity

In related news, CEO Jennifer Hyman sold 6,127 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $10.00, for a total transaction of $61,270.00. Following the completion of the sale, the chief executive officer now directly owns 148,088 shares of the company’s stock, valued at approximately $1,480,880. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 12,587 shares of company stock valued at $125,467. 6.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RENT. Meeder Asset Management Inc. acquired a new position in shares of Rent the Runway in the 2nd quarter worth approximately $33,000. Point72 DIFC Ltd acquired a new position in Rent the Runway during the second quarter worth $70,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Rent the Runway during the second quarter worth $72,000. Summit Securities Group LLC acquired a new stake in shares of Rent the Runway in the second quarter valued at $86,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Rent the Runway in the second quarter valued at $131,000. 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.