Analysts Set Rent the Runway, Inc. (NASDAQ:RENT) Price Target at $31.88

Rent the Runway, Inc. (NASDAQ:RENT - Get Free Report) has received an average recommendation of "Hold" from the eight analysts that are currently covering the firm, MarketBeat Ratings reports. Five 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 objective among brokerages that have issued a report on the stock in the last year is $31.88.

Several research firms have recently commented on RENT. The Goldman Sachs Group decreased their price objective on Rent the Runway from $40.00 to $28.00 and set a "buy" rating for the company in a report on Friday, April 12th. JMP Securities decreased their price objective on Rent the Runway from $40.00 to $20.00 and set a "market outperform" rating for the company in a report on Thursday, April 11th.

Insider Buying and Selling

In other Rent the Runway news, CEO Jennifer Hyman sold 4,600 shares of the company's stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $12.28, for a total value of $56,488.00. Following the completion of the transaction, the chief executive officer now owns 164,884 shares in the company, valued at approximately $2,024,775.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 17,076 shares of company stock worth $151,711. 9.05% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. bought a new position in Rent the Runway in the 4th quarter valued at $1,568,000. CastleKnight Management LP lifted its position in shares of Rent the Runway by 304.9% during the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company's stock valued at $288,000 after buying an additional 411,000 shares during the last quarter. Breed s Hill Capital LLC purchased a new position in shares of Rent the Runway during the 4th quarter valued at $53,000. Landscape Capital Management L.L.C. purchased a new position in shares of Rent the Runway during the 3rd quarter valued at $66,000. Finally, Panagora Asset Management Inc. purchased a new position in shares of Rent the Runway during the 3rd quarter valued at $46,000. Institutional investors own 73.10% of the company's stock.

Rent the Runway Stock Up 13.9 %

RENT traded up $4.09 during trading on Friday, hitting $33.53. The company's stock had a trading volume of 1,177,984 shares, compared to its average volume of 954,588. Rent the Runway has a twelve month low of $4.46 and a twelve month high of $58.00. The stock's fifty day moving average price is $11.60 and its 200-day moving average price is $11.31. The firm has a market capitalization of $123.06 million, a P/E ratio of -1.01 and a beta of 0.49.

Rent the Runway (NASDAQ:RENT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 10th. The company reported ($5.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.80) by ($0.03). The business had revenue of $75.80 million during the quarter, compared to analysts' expectations of $74.50 million. Equities research analysts expect that Rent the Runway will post -20.2 EPS for the current fiscal year.

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.