Telsey Advisory Group Weighs in on Rent the Runway, Inc.’s Q3 2024 Earnings (NASDAQ:RENT)

Rent the Runway, Inc. (NASDAQ:RENT) – Investment analysts at Telsey Advisory Group dropped their Q3 2024 earnings per share (EPS) estimates for shares of Rent the Runway in a research note issued to investors on Monday, September 11th. Telsey Advisory Group analyst D. Telsey now expects that the company will post earnings per share of ($0.48) for the quarter, down from their prior estimate of ($0.45). Telsey Advisory Group currently has a “Market Perform” rating and a $1.00 price target on the stock. The consensus estimate for Rent the Runway’s current full-year earnings is ($1.74) per share. Telsey Advisory Group also issued estimates for Rent the Runway’s FY2024 earnings at ($1.72) EPS and FY2025 earnings at ($1.72) EPS.

Rent the Runway (NASDAQ:RENT) last released its earnings results on Friday, September 8th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.03. The firm had revenue of $75.70 million during the quarter, compared to analyst estimates of $78.54 million. During the same period in the prior year, the firm earned ($0.53) earnings per share.

A number of other equities analysts also recently commented on RENT. Raymond James downgraded Rent the Runway from an “outperform” rating to a “market perform” rating in a research report on Friday, September 8th. Morgan Stanley dropped their price objective on shares of Rent the Runway from $3.50 to $1.00 and set an “equal weight” rating on the stock in a research report on Monday. Wells Fargo & Company reduced their price objective on shares of Rent the Runway from $8.00 to $4.00 and set an “overweight” rating on the stock in a report on Monday. Piper Sandler lowered their target price on shares of Rent the Runway from $6.00 to $4.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Barclays cut their price target on Rent the Runway from $4.00 to $3.00 and set an “overweight” rating on the stock in a research note on Monday. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3.78.

Rent the Runway Trading Up 2.4 %

RENT traded up $0.02 on Wednesday, hitting $0.91. 221,797 shares of the company were exchanged, compared to its average volume of 879,517. The firm has a 50-day moving average price of $1.58 and a two-hundred day moving average price of $2.23. Rent the Runway has a twelve month low of $0.86 and a twelve month high of $4.82. The company has a market cap of $61.58 million, a price-to-earnings ratio of -0.48 and a beta of 0.68.

Insider Buying and Selling

In other Rent the Runway news, SVP Andrew Rau sold 12,611 shares of the firm’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $2.33, for a total transaction of $29,383.63. Following the transaction, the senior vice president now owns 274,683 shares of the company’s stock, valued at $640,011.39. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Siddharth Thacker sold 34,475 shares of Rent the Runway stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $1.66, for a total value of $57,228.50. Following the transaction, the chief financial officer now directly owns 719,264 shares of the company’s stock, valued at approximately $1,193,978.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Andrew Rau sold 12,611 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $2.33, for a total transaction of $29,383.63. Following the completion of the sale, the senior vice president now owns 274,683 shares of the company’s stock, valued at approximately $640,011.39. The disclosure for this sale can be found here. Insiders have sold 267,552 shares of company stock worth $559,876 in the last ninety days. 12.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rent the Runway

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new stake in shares of Rent the Runway during the fourth quarter worth $478,000. Raymond James & Associates purchased a new position in Rent the Runway in the 1st quarter valued at approximately $33,000. Commonwealth Equity Services LLC acquired a new position in Rent the Runway during the fourth quarter worth $73,000. Advisory Research Inc. grew its holdings in Rent the Runway by 173.2% in the fourth quarter. Advisory Research Inc. now owns 235,403 shares of the company’s stock valued at $718,000 after purchasing an additional 149,235 shares during the last quarter. Finally, Moloney Securities Asset Management LLC purchased a new position in shares of Rent the Runway in the second quarter valued at $40,000. Hedge funds and other institutional investors own 66.51% of the company’s stock.

Rent the Runway Company Profile

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.