Rent the Runway (NASDAQ:RENT) Price Target Cut to $28.00

Rent the Runway (NASDAQ:RENT - Get Free Report) had its price objective decreased by investment analysts at The Goldman Sachs Group from $40.00 to $28.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective would indicate a potential upside of 45.61% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the stock. JMP Securities decreased their price target on shares of Rent the Runway from $40.00 to $20.00 and set a "market outperform" rating on the stock in a research note on Thursday. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $12.00 price target on shares of Rent the Runway in a report on Tuesday, January 16th. Finally, 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 research report on Wednesday, January 17th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Rent the Runway presently has a consensus rating of "Hold" and a consensus target price of $31.88.

Rent the Runway Stock Down 0.8 %

Rent the Runway stock traded down $0.15 during midday trading on Friday, reaching $19.23. 23,044,837 shares of the stock traded hands, compared to its average volume of 1,075,171. The stock has a market cap of $67.69 million, a P/E ratio of -0.68 and a beta of 0.82. The stock's fifty day moving average is $8.17 and its 200-day moving average is $10.84. Rent the Runway has a 12 month low of $4.46 and a 12 month high of $69.20.

Insider Buying and Selling

In other Rent the Runway news, CEO Jennifer Hyman sold 7,770 shares of the business's stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $7.00, for a total transaction of $54,390.00. Following the completion of the transaction, the chief executive officer now owns 169,486 shares in the company, valued at $1,186,402. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 16,519 shares of company stock valued at $131,156 in the last ninety days. 9.05% of the stock is owned by company insiders.

Institutional Trading of Rent the Runway

A number of large investors have recently made changes to their positions in the stock. Panagora Asset Management Inc. bought a new stake in Rent the Runway during the 3rd quarter valued at about $46,000. Commonwealth Equity Services LLC raised its stake in shares of Rent the Runway by 119.2% during the third quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company's stock valued at $38,000 after acquiring an additional 30,050 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new stake in shares of Rent the Runway in the third quarter valued at approximately $66,000. Verition Fund Management LLC bought a new position in Rent the Runway in the second quarter worth approximately $50,000. Finally, Prudential Financial Inc. purchased a new position in Rent the Runway during the 1st quarter worth $40,000. 73.10% of the stock is owned by hedge funds and other institutional investors.

Rent the Runway Company Profile

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.