Rent the Runway (NASDAQ:RENT) Stock Price Passes Above 200 Day Moving Average of $10.83

Rent the Runway, Inc. (NASDAQ:RENT) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.83 and traded as high as $12.79. Rent the Runway shares last traded at $12.35, with a volume of 475,027 shares.

Analyst Ratings Changes

Several research firms have commented on RENT. Piper Sandler reiterated a “neutral” rating and set a $15.00 price target (down previously from $40.00) on shares of Rent the Runway in a report on Wednesday, January 17th. JMP Securities reduced their price objective on shares of Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating for the company in a research report on Thursday, April 11th. The Goldman Sachs Group reduced their price objective on shares of Rent the Runway from $40.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $12.00 price objective on shares of Rent the Runway in a research report on Tuesday, January 16th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.88.

Rent the Runway Price Performance

The firm’s 50-day moving average is $8.57 and its 200 day moving average is $10.81.

Insider Activity at Rent the Runway

In related news, CEO Jennifer Hyman sold 7,770 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $7.00, for a total value of $54,390.00. Following the completion of the sale, the chief executive officer now owns 169,486 shares in the company, valued at approximately $1,186,402. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 16,519 shares of company stock worth $131,156 in the last 90 days. 9.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Rent the Runway

Large investors have recently bought and sold shares of the company. State Street Corp grew its stake in shares of Rent the Runway by 0.5% during the 1st quarter. State Street Corp now owns 1,010,781 shares of the company’s stock worth $2,881,000 after purchasing an additional 5,410 shares during the period. Rhumbline Advisers grew 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 purchasing an additional 5,617 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Rent the Runway by 4.0% during the 4th quarter. JPMorgan Chase & Co. now owns 162,951 shares of the company’s stock worth $497,000 after purchasing an additional 6,320 shares during the period. Deutsche Bank AG grew its stake in shares of Rent the Runway by 23.3% during the 1st quarter. Deutsche Bank AG now owns 51,606 shares of the company’s stock worth $147,000 after purchasing an additional 9,748 shares during the period. Finally, Barclays PLC grew its stake in shares of Rent the Runway by 541.1% during the 4th quarter. Barclays PLC now owns 12,700 shares of the company’s stock worth $39,000 after purchasing an additional 10,719 shares during the period. Hedge funds and other institutional investors own 73.10% of the company’s stock.

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.