Rent the Runway (NASDAQ:RENT) Shares Pass Above Two Hundred Day Moving Average of $13.92

Rent the Runway, Inc. (NASDAQ:RENT)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $13.92 and traded as high as $18.00. Rent the Runway shares last traded at $15.07, with a volume of 105,692 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RENT shares. The Goldman Sachs Group lowered their price target on shares of 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 upped their target price 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 assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $25.00.

Rent the Runway Trading Down 14.2 %

The firm has a market capitalization of $55.31 million, a P/E ratio of -0.50 and a beta of 1.11. The company has a 50-day moving average of $20.93 and a 200-day moving average of $13.92.

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

Insider Activity

In other Rent the Runway news, CEO Jennifer Hyman sold 4,600 shares of the stock in a transaction dated 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 sale, 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 document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 6,087 shares of company stock valued at $74,749. 6.60% of the stock is currently owned by insiders.

Institutional Trading of Rent the Runway

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new stake in shares of Rent the Runway during the fourth quarter valued at approximately $1,568,000. CastleKnight Management LP grew its position in Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after purchasing an additional 411,000 shares during the period. Finally, Breed s Hill Capital LLC acquired a new stake in Rent the Runway in the 4th quarter valued at $53,000. 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.