Insider Selling: Rent the Runway, Inc. (NASDAQ:RENT) CEO Sells 6,127 Shares of Stock

Rent the Runway, Inc. (NASDAQ:RENT) CEO Jennifer Hyman sold 6,127 shares of Rent the Runway stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.00, for a total value of $61,270.00. Following the completion of the sale, the chief executive officer now directly owns 148,088 shares of the company’s stock, valued at approximately $1,480,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Jennifer Hyman also recently made the following trade(s):

• On Monday, August 5th, Jennifer Hyman sold 4,544 shares of Rent the Runway stock. The stock was sold at an average price of $11.96, for a total value of $54,346.24.

Rent the Runway Price Performance

Shares of NASDAQ:RENT traded down $0.60 during mid-day trading on Wednesday, reaching $9.62. 93,460 shares of the company traded hands, compared to its average volume of 555,824. The company’s 50 day moving average price is $13.31 and its 200-day moving average price is $14.85. The firm has a market cap of $35.32 million, a PE ratio of -0.32 and a beta of 1.08. Rent the Runway, Inc. has a 52 week low of $4.46 and a 52 week high of $41.81.

Rent the Runway (NASDAQ:RENT) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($4.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($5.86) by $1.69. The firm had revenue of $78.90 million during the quarter, compared to the consensus estimate of $76.60 million. During the same quarter in the previous year, the company earned ($8.00) earnings per share. On average, research analysts predict that Rent the Runway, Inc. will post -19.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RENT. Jefferies Financial Group lowered their price objective on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. JMP Securities increased their price target on shares of Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Friday, June 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.86.

Institutional Investors Weigh In On Rent the Runway

A number of institutional investors have recently bought and sold shares of RENT. Meeder Asset Management Inc. purchased a new stake in Rent the Runway during the 2nd quarter valued at approximately $33,000. Point72 DIFC Ltd bought a new position in shares of Rent the Runway during the second quarter worth $70,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Rent the Runway during the second quarter valued at $72,000. Summit Securities Group LLC bought a new stake in Rent the Runway in the 2nd quarter valued at $86,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Rent the Runway in the 2nd quarter worth $131,000. Hedge funds and other 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.