Rent the Runway (NASDAQ:RENT) Stock Rating Lowered by Telsey Advisory Group

Telsey Advisory Group downgraded shares of Rent the Runway (NASDAQ:RENT) from an outperform rating to a market perform rating in a report issued on Monday, Marketbeat Ratings reports. They currently have $1.00 price target on the stock, down from their previous price target of $4.00. Telsey Advisory Group also issued estimates for Rent the Runway’s Q3 2024 earnings at ($0.48) EPS, FY2024 earnings at ($1.72) EPS and FY2025 earnings at ($1.72) EPS.

RENT has been the subject of several other research reports. Barclays decreased their price objective on Rent the Runway from $4.00 to $3.00 and set an overweight rating for the company in a report on Monday. Raymond James lowered Rent the Runway from an outperform rating to a market perform rating in a report on Friday, September 8th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $3.43.

Rent the Runway Trading Up 0.9 %

Shares of NASDAQ RENT opened at $0.90 on Monday. The firm has a market cap of $60.43 million, a price-to-earnings ratio of -0.49 and a beta of 0.68. The stock has a fifty day simple moving average of $1.54 and a two-hundred day simple moving average of $2.21. Rent the Runway has a 1-year low of $0.86 and a 1-year high of $4.82.

Rent the Runway (NASDAQ:RENT) last posted its quarterly earnings results on Friday, September 8th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.03. The firm had revenue of $75.70 million for the quarter, compared to the consensus estimate of $78.54 million. During the same quarter in the previous year, the company posted ($0.53) EPS. Analysts forecast that Rent the Runway will post -1.74 EPS for the current year.

Insider Buying and Selling at Rent the Runway

In other Rent the Runway news, CRO Brian Donato sold 36,908 shares of Rent the Runway stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $1.82, for a total transaction of $67,172.56. Following the completion of the transaction, the executive now owns 741,692 shares of the company’s stock, valued at approximately $1,349,879.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rent the Runway news, CRO Brian Donato sold 36,908 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $1.82, for a total value of $67,172.56. Following the transaction, the executive now directly owns 741,692 shares in the company, valued at approximately $1,349,879.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Siddharth Thacker sold 34,475 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $1.66, for a total value of $57,228.50. Following the completion of the transaction, the chief financial officer now owns 719,264 shares in the company, valued at $1,193,978.24. The disclosure for this sale can be found here. Insiders sold 103,809 shares of company stock valued at $178,355 in the last quarter. 12.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rent the Runway

A number of institutional investors have recently added to or reduced their stakes in RENT. Millennium Management LLC increased its stake in Rent the Runway by 2,937.7% in the 4th quarter. Millennium Management LLC now owns 1,554,907 shares of the company’s stock worth $4,742,000 after acquiring an additional 1,503,720 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Rent the Runway by 15.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,333,333 shares of the company’s stock worth $22,513,000 after acquiring an additional 959,394 shares during the last quarter. Marshall Wace LLP increased its stake in Rent the Runway by 111.2% in the 3rd quarter. Marshall Wace LLP now owns 1,541,929 shares of the company’s stock worth $3,392,000 after acquiring an additional 811,772 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in Rent the Runway in the 1st quarter worth about $4,294,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Rent the Runway by 29.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,348,066 shares of the company’s stock worth $5,166,000 after purchasing an additional 529,281 shares in the last quarter. 66.51% of the stock is currently owned by 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.