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

Rent the Runway, Inc. (NASDAQ:RENT) has earned an average rating of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $25.00.

Several research firms have weighed in on RENT. JMP Securities boosted their target price on shares of Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a report on Friday, June 7th. The Goldman Sachs Group reduced their price target on shares of 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 Trading Down 14.0 %

RENT stock opened at $11.48 on Wednesday. The firm has a 50-day moving average of $19.20 and a two-hundred day moving average of $14.53. Rent the Runway has a 12 month low of $4.46 and a 12 month high of $41.81. The company has a market cap of $42.13 million, a price-to-earnings ratio of -0.38 and a beta of 1.10.

Rent the Runway (NASDAQ:RENT) last posted its quarterly earnings results on Thursday, June 6th. The company reported ($6.03) EPS for the quarter, beating the consensus estimate of ($6.56) by $0.53. The company had revenue of $75.00 million during the quarter, compared to analyst estimates of $73.20 million. As a group, equities analysts forecast that Rent the Runway will post -22.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Summit Securities Group LLC acquired a new stake in Rent the Runway during the 2nd quarter worth approximately $86,000. Nisa Investment Advisors LLC acquired a new position in shares of Rent the Runway in the second quarter worth $308,000. Breed s Hill Capital LLC purchased a new stake in shares of Rent the Runway during the fourth quarter worth $53,000. CastleKnight Management LP raised its stake in shares of Rent the Runway by 304.9% in the fourth quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after acquiring an additional 411,000 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Rent the Runway in the fourth quarter valued at $1,568,000. 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.