Rent the Runway (NASDAQ:RENT) Given New $20.00 Price Target at JMP Securities

Rent the Runway (NASDAQ:RENT - Free Report) had its target price cut by JMP Securities from $40.00 to $20.00 in a report released on Thursday morning, Benzinga reports. They currently have a market outperform rating on the stock.

Several other research analysts have also recently weighed in on RENT. Wells Fargo & Company reiterated an equal weight rating and issued a $12.00 price target on shares of Rent the Runway in a report on Tuesday, January 16th. Piper Sandler reiterated a neutral rating and issued a $15.00 price target (down previously from $40.00) on shares of Rent the Runway in a report on Wednesday, January 17th. Finally, The Goldman Sachs Group reduced their price target on shares of Rent the Runway from $70.00 to $40.00 and set a buy rating for the company in a report on Thursday, January 11th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Rent the Runway currently has a consensus rating of Hold and a consensus price target of $33.38.

Rent the Runway Stock Up 161.9 %

NASDAQ RENT traded up $11.98 during trading on Thursday, reaching $19.38. 45,681,480 shares of the stock traded hands, compared to its average volume of 758,994. The firm has a market cap of $68.22 million, a price-to-earnings ratio of -0.57 and a beta of 0.82. The stock's 50-day moving average price is $8.17 and its 200 day moving average price is $10.84. Rent the Runway has a fifty-two week low of $4.46 and a fifty-two week high of $69.20.

Insider Transactions at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 3,668 shares of the company's stock in a transaction on Monday, February 5th. The shares were sold at an average price of $9.80, for a total transaction of $35,946.40. Following the sale, the chief executive officer now directly owns 132,256 shares of the company's stock, valued at $1,296,108.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 16,519 shares of company stock valued at $131,156 over the last 90 days. 9.05% of the stock is owned by corporate insiders.

Institutional Trading of Rent the Runway

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in shares of Rent the Runway in the first quarter valued at about $75,000. Barclays PLC raised its position in shares of Rent the Runway by 541.1% in the fourth quarter. Barclays PLC now owns 12,700 shares of the company's stock valued at $39,000 after purchasing an additional 10,719 shares during the period. Prudential Financial Inc. bought a new position in shares of Rent the Runway in the first quarter valued at about $40,000. Citigroup Inc. bought a new position in shares of Rent the Runway in the second quarter valued at about $28,000. Finally, BNP Paribas Arbitrage SNC bought a new position in shares of Rent the Runway in the third quarter valued at about $33,000. 73.10% of the stock is 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.