Rent the Runway (NASDAQ:RENT) Shares Pass Above Two Hundred Day Moving Average of $13.73

Rent the Runway, Inc. (NASDAQ:RENT)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $13.73 and traded as high as $20.45. Rent the Runway shares last traded at $19.11, with a volume of 49,193 shares traded.

Analyst Upgrades and Downgrades

RENT has been the subject of a number of research reports. 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 increased 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 analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $25.00.

Rent the Runway Stock Down 5.3 %

The stock has a 50 day simple moving average of $20.29 and a two-hundred day simple moving average of $13.73. The stock has a market capitalization of $70.13 million, a P/E ratio of -0.64 and a beta of 1.20.

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

Insider Transactions at Rent the Runway

In other news, CEO Jennifer Hyman sold 4,600 shares of Rent the Runway stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $12.28, for a total transaction of $56,488.00. Following the completion of the transaction, the chief executive officer now directly 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 is accessible through this hyperlink. In the last three months, insiders sold 6,087 shares of company stock worth $74,749. 6.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. acquired a new stake in Rent the Runway during the 4th quarter worth approximately $1,568,000. Breed s Hill Capital LLC acquired a new stake in Rent the Runway during the 4th quarter worth approximately $53,000. Finally, CastleKnight Management LP lifted its holdings in Rent the Runway by 304.9% during the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after purchasing an additional 411,000 shares during the last quarter. 73.10% of the stock is currently 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.