Rent the Runway, Inc. (NASDAQ:RENT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Rent the Runway, Inc. (NASDAQ:RENT – Get Rating) have earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $6.55.

A number of equities analysts have recently commented on RENT shares. Morgan Stanley increased their price target on shares of Rent the Runway from $2.50 to $3.50 and gave the stock an “equal weight” rating in a report on Tuesday, December 13th. Wolfe Research started coverage on shares of Rent the Runway in a report on Thursday, December 15th. They issued a “peer perform” rating on the stock. Telsey Advisory Group decreased their price target on shares of Rent the Runway from $8.00 to $4.00 and set an “outperform” rating on the stock in a report on Thursday, December 8th. Finally, Barclays decreased their price target on shares of Rent the Runway from $6.00 to $3.00 and set an “overweight” rating on the stock in a report on Thursday, December 8th.

Rent the Runway Stock Performance

NASDAQ RENT opened at $3.78 on Monday. Rent the Runway has a 1 year low of $1.10 and a 1 year high of $7.49. The company has a debt-to-equity ratio of 38.00, a current ratio of 2.61 and a quick ratio of 2.61. The stock has a market capitalization of $245.79 million, a PE ratio of -1.59 and a beta of 0.25. The company’s 50 day simple moving average is $2.60 and its two-hundred day simple moving average is $3.12.

Hedge Funds Weigh In On Rent the Runway

Several institutional investors and hedge funds have recently made changes to their positions in RENT. National Bank of Canada FI bought a new position in shares of Rent the Runway during the 2nd quarter valued at $27,000. BNP Paribas Arbitrage SNC purchased a new stake in Rent the Runway during the 3rd quarter valued at $33,000. Aaron Wealth Advisors LLC purchased a new stake in Rent the Runway during the 3rd quarter valued at $39,000. New York State Common Retirement Fund boosted its position in Rent the Runway by 101.1% during the 3rd quarter. New York State Common Retirement Fund now owns 20,414 shares of the company’s stock valued at $45,000 after buying an additional 10,263 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in Rent the Runway during the 2nd quarter valued at $50,000. Institutional investors own 69.87% of the company’s stock.

Rent the Runway Company Profile

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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.