Rent the Runway, Inc. (NASDAQ:RENT) Receives Average Recommendation of “Hold” from Analysts

Rent the Runway, Inc. (NASDAQ:RENT) has been assigned an average recommendation of “Hold” from the eight analysts that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $31.88.

Several research analysts have weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and set 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 lowered their price target on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 11th. Wells Fargo & Company reaffirmed 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, The Goldman Sachs Group lowered their price target on Rent the Runway from $40.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, April 12th.

Rent the Runway Stock Down 4.7 %

NASDAQ:RENT opened at $11.00 on Monday. The firm has a market capitalization of $40.37 million, a price-to-earnings ratio of -0.33 and a beta of 0.82. Rent the Runway has a twelve month low of $4.46 and a twelve month high of $58.00. The stock’s 50 day moving average price is $8.72 and its two-hundred day moving average price is $10.75.

Insider Buying and Selling

In related 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 transaction of $35,946.40. Following the transaction, the chief executive officer now directly owns 132,256 shares of the company’s stock, valued at approximately $1,296,108.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 16,519 shares of company stock valued at $131,156. 9.05% of the stock is owned by insiders.

Institutional Trading of Rent the Runway

Institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its stake in Rent the Runway by 119.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock valued at $38,000 after purchasing an additional 30,050 shares during the period. Panagora Asset Management Inc. bought a new stake in Rent the Runway in the 3rd quarter valued at $46,000. Breed s Hill Capital LLC bought a new stake in Rent the Runway in the 4th quarter valued at $53,000. Landscape Capital Management L.L.C. bought a new stake in Rent the Runway in the 3rd quarter valued at $66,000. Finally, CastleKnight Management LP boosted its stake in Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after purchasing an additional 411,000 shares during the period. 73.10% of the stock is currently owned by 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.