Rent the Runway (NASDAQ:RENT) Share Price Crosses Above 200 Day Moving Average of $14.67

Rent the Runway, Inc. (NASDAQ:RENT) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.67 and traded as high as $15.41. Rent the Runway shares last traded at $15.08, with a volume of 341,783 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group cut their price objective on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a report on Friday. JMP Securities upped their price objective 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. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Rent the Runway has a consensus rating of “Hold” and a consensus target price of $25.13.

Rent the Runway Trading Down 27.7 %

The company has a market capitalization of $40.02 million, a PE ratio of -0.36 and a beta of 1.08. The firm has a fifty day moving average of $14.05 and a two-hundred day moving average of $14.68.

Rent the Runway (NASDAQ:RENT) last issued its earnings results on Thursday, September 5th. The company reported ($4.17) earnings per share for the quarter, beating the consensus estimate of ($5.86) by $1.69. The company had revenue of $78.90 million for the quarter, compared to analysts’ expectations of $76.60 million. During the same quarter in the prior year, the company earned ($8.00) earnings per share. On average, equities analysts expect that Rent the Runway, Inc. will post -22.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rent the Runway news, CEO Jennifer Hyman sold 4,544 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $11.96, for a total value of $54,346.24. Following the completion of the sale, the chief executive officer now owns 154,215 shares in the company, valued at approximately $1,844,411.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders sold 7,040 shares of company stock worth $84,200. 6.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC bought a new position in shares of Rent the Runway in the 2nd quarter worth approximately $308,000. Cubist Systematic Strategies LLC bought a new position in shares of Rent the Runway in the 2nd quarter worth approximately $131,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Rent the Runway in the 2nd quarter worth approximately $227,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Rent the Runway in the 2nd quarter worth approximately $72,000. Finally, Point72 DIFC Ltd bought a new position in shares of Rent the Runway in the 2nd quarter worth approximately $70,000. 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.