Brokerages Set Rent the Runway, Inc. (NASDAQ:RENT) PT at $31.88

Shares of Rent the Runway, Inc. (NASDAQ:RENT) have been given an average rating of “Hold” by the eight research firms that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $31.88.

A number of research firms have recently weighed in on RENT. Wells Fargo & Company reissued an “equal weight” rating and set a $12.00 price objective on shares of Rent the Runway in a research note on Tuesday, January 16th. The Goldman Sachs Group dropped their price objective on Rent the Runway from $40.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Piper Sandler reissued a “neutral” rating and set a $15.00 price objective (down previously from $40.00) on shares of Rent the Runway in a research note on Wednesday, January 17th. Finally, JMP Securities dropped their price objective on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating for the company in a research note on Thursday, April 11th.

Rent the Runway Stock Performance

NASDAQ:RENT opened at $12.07 on Monday. The firm has a market cap of $44.30 million, a PE ratio of -0.36 and a beta of 0.82. Rent the Runway has a fifty-two week low of $4.46 and a fifty-two week high of $60.30. The business has a 50 day moving average price of $8.67 and a 200-day moving average price of $10.76.

Insider Buying and Selling

In related news, CEO Jennifer Hyman sold 7,770 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was 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 of the company’s stock, valued at $1,186,402. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 16,519 shares of company stock valued at $131,156 over the last quarter. 9.05% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rent the Runway

A number of institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its holdings in Rent the Runway by 119.2% in the third quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock worth $38,000 after purchasing an additional 30,050 shares in the last quarter. Panagora Asset Management Inc. bought a new position in Rent the Runway in the third quarter worth $46,000. Landscape Capital Management L.L.C. bought a new position in Rent the Runway in the third quarter worth $66,000. Breed s Hill Capital LLC bought a new position in Rent the Runway in the fourth quarter worth $53,000. Finally, CastleKnight Management LP raised its holdings in Rent the Runway by 304.9% in the fourth quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after purchasing an additional 411,000 shares in the last quarter. 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.