Rent the Runway, Inc. (NASDAQ:RENT) Short Interest Update

Rent the Runway, Inc. (NASDAQ:RENT) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 270,200 shares, an increase of 56.8% from the August 31st total of 172,300 shares. Approximately 14.9% of the company’s stock are sold short. Based on an average daily trading volume, of 85,400 shares, the short-interest ratio is currently 3.2 days.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RENT. Jefferies Financial Group cut their target price on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JMP Securities raised their price target on Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a report on Friday, June 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.86.

Rent the Runway Price Performance

Shares of RENT stock traded up $0.19 during mid-day trading on Friday, hitting $10.12. The stock had a trading volume of 64,674 shares, compared to its average volume of 153,134. The firm has a market cap of $38.56 million, a PE ratio of -0.34 and a beta of 1.08. The company’s 50-day simple moving average is $11.98 and its 200-day simple moving average is $14.93. Rent the Runway has a fifty-two week low of $4.46 and a fifty-two week high of $41.81.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings data on Thursday, September 5th. The company reported ($4.17) EPS for the quarter, beating analysts’ consensus estimates of ($5.86) by $1.69. The firm had revenue of $78.90 million during the quarter, compared to analyst estimates of $76.60 million. During the same quarter in the previous year, the business earned ($8.00) EPS. On average, analysts expect that Rent the Runway will post -19.08 EPS for the current year.

Insider Activity

In other Rent the Runway 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 transaction, the chief executive officer now owns 148,088 shares of the company’s stock, valued at $1,480,880. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 18,187 shares of company stock worth $195,670. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

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