Analysts Set Rent the Runway, Inc. (NASDAQ:RENT) Price Target at $10.78

Rent the Runway, Inc. (NASDAQ:RENT – Get Rating) has been assigned a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $10.78.

A number of research analysts have commented on RENT shares. JMP Securities reduced their target price on Rent the Runway from $18.00 to $12.00 and set a “market outperform” rating on the stock in a report on Friday, June 10th. Raymond James started coverage on Rent the Runway in a research report on Wednesday, June 29th. They set an “outperform” rating and a $9.00 price target on the stock. The Goldman Sachs Group dropped their price target on Rent the Runway from $25.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, April 14th. Credit Suisse Group dropped their price target on Rent the Runway from $11.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday, June 10th. Finally, Telsey Advisory Group dropped their price target on Rent the Runway from $21.00 to $13.00 and set an “outperform” rating on the stock in a research report on Thursday, April 14th.

Rent the Runway Stock Performance

NASDAQ:RENT opened at $4.72 on Monday. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 7.78. Rent the Runway has a one year low of $2.99 and a one year high of $24.77. The business’s 50-day simple moving average is $3.80 and its 200 day simple moving average is $5.00.

Rent the Runway (NASDAQ:RENT – Get Rating) last released its earnings results on Thursday, June 9th. The company reported ($0.67) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.08. The firm had revenue of $67.10 million for the quarter, compared to the consensus estimate of $64.25 million. Research analysts forecast that Rent the Runway will post -2.65 earnings per share for the current year.

Insider Activity at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 9,383 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $4.56, for a total transaction of $42,786.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 17,744 shares of company stock worth $80,913 in the last three months. 10.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rent the Runway

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio bought a new stake in shares of Rent the Runway during the 4th quarter worth $32,000. Rhumbline Advisers boosted its stake in shares of Rent the Runway by 49.1% during the 1st quarter. Rhumbline Advisers now owns 17,046 shares of the company’s stock worth $117,000 after acquiring an additional 5,617 shares in the last quarter. National Bank of Canada FI bought a new stake in shares of Rent the Runway during the 2nd quarter worth $27,000. Quent Capital LLC boosted its stake in shares of Rent the Runway by 95.2% during the 1st quarter. Quent Capital LLC now owns 20,500 shares of the company’s stock worth $141,000 after acquiring an additional 10,000 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in shares of Rent the Runway during the 1st quarter worth $70,000. 69.83% of the stock is owned by institutional investors.

About Rent the Runway

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Rent the Runway, Inc rents designer wear for women through its stores and online retail. The company offers ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods, evening wear, and kids wear, as well as accessories.