Rent the Runway (NASDAQ:RENT) Receives “Market Outperform” Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Rent the Runway (NASDAQ:RENT) in a report issued on Tuesday morning,Benzinga reports. They currently have a $40.00 price objective on the stock.

Separately, Jefferies Financial Group decreased their price target on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

Rent the Runway Trading Down 2.7 %

Shares of NASDAQ RENT opened at $8.90 on Tuesday. The stock has a market cap of $33.89 million, a P/E ratio of -0.40 and a beta of 1.18. The business’s fifty day simple moving average is $10.05 and its 200-day simple moving average is $13.55. Rent the Runway has a 12-month low of $4.46 and a 12-month high of $41.81.

Rent the Runway (NASDAQ:RENT) last posted its quarterly earnings results on Monday, December 9th. The company reported ($4.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.45) by ($0.49). During the same quarter in the prior year, the business earned ($8.86) earnings per share. On average, equities analysts forecast that Rent the Runway will post -19.08 EPS for the current fiscal year.

Insider Transactions at Rent the Runway

In other news, CEO Jennifer Hyman sold 6,127 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $10.00, for a total transaction of $61,270.00. Following the completion of the sale, the chief executive officer now owns 148,088 shares in the company, valued at approximately $1,480,880. The trade was a 3.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 12,587 shares of company stock valued at $125,467. 6.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rent the Runway

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new position in shares of Rent the Runway in the 3rd quarter valued at $260,000. Nisa Investment Advisors LLC purchased a new stake in shares of Rent the Runway in the second quarter valued at about $308,000. XTX Topco Ltd purchased a new position in Rent the Runway during the second quarter worth about $293,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Rent the Runway in the 2nd quarter valued at approximately $227,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Rent the Runway in the second quarter valued at $131,000. 73.10% of the stock is owned by hedge funds and other 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.