Rent the Runway, Inc. (NASDAQ:RENT) Given Average Recommendation of “Hold” by Brokerages

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have earned a consensus rating of “Hold” from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $31.88.

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company reiterated an “equal weight” rating and set a $12.00 target price on shares of Rent the Runway in a research note on Tuesday, January 16th. Piper Sandler reissued a “neutral” rating and issued a $15.00 target price (down previously from $40.00) on shares of Rent the Runway in a report on Wednesday, January 17th. The Goldman Sachs Group cut their price target on Rent the Runway from $40.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Finally, JMP Securities lowered their price objective on shares of Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Thursday, April 11th.

Insider Activity

In related news, CEO Jennifer Hyman sold 7,770 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 169,486 shares of the company’s stock, valued at approximately $1,186,402. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 16,519 shares of company stock valued at $131,156 in the last ninety days. Corporate insiders own 9.05% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP bought a new position in shares of Rent the Runway in the first quarter worth about $75,000. Barclays PLC lifted 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 in the last quarter. Prudential Financial Inc. bought a new position in shares of Rent the Runway during the first quarter worth $40,000. Citigroup Inc. bought a new stake in Rent the Runway in the 2nd quarter valued at $28,000. Finally, BNP Paribas Arbitrage SNC purchased a new stake in Rent the Runway in the 3rd quarter worth $33,000. Institutional investors own 73.10% of the company’s stock.

Rent the Runway Stock Up 9.5 %

Shares of RENT stock opened at $12.35 on Monday. The company has a 50 day moving average price of $8.57 and a 200-day moving average price of $10.78. Rent the Runway has a 52 week low of $4.46 and a 52 week high of $64.10. The firm has a market capitalization of $43.47 million, a PE ratio of -0.37 and a beta of 0.82.

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.