Rent the Runway, Inc. (NASDAQ:RENT) Sees Significant Increase in Short Interest

Rent the Runway, Inc. (NASDAQ:RENT) was the recipient of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 627,700 shares, a growth of 78.1% from the March 31st total of 352,500 shares. Approximately 41.9% of the company’s stock are short sold. Based on an average daily trading volume, of 1,270,000 shares, the short-interest ratio is currently 0.5 days.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RENT shares. Piper Sandler reaffirmed a “neutral” rating and set a $15.00 price target (down previously from $40.00) on shares of Rent the Runway in a research note on Wednesday, January 17th. JMP Securities decreased 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 report on Thursday, April 11th. Wells Fargo & Company reissued an “equal weight” rating and set a $12.00 price objective on shares of Rent the Runway in a report on Tuesday, January 16th. Finally, The Goldman Sachs Group decreased 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 report on Friday, April 12th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.88.

Rent the Runway Stock Performance

NASDAQ RENT opened at $11.00 on Friday. Rent the Runway has a one year low of $4.46 and a one year high of $58.00. The company has a 50-day simple moving average of $8.72 and a 200-day simple moving average of $10.75. The firm has a market capitalization of $40.37 million, a PE ratio of -0.33 and a beta of 0.82.

Insider Buying and Selling

In related news, CEO Jennifer Hyman sold 7,770 shares of Rent the Runway stock in a transaction on Monday, March 18th. The shares were sold at an average price of $7.00, for a total transaction of $54,390.00. Following the sale, the chief executive officer now owns 169,486 shares of the company’s stock, valued at approximately $1,186,402. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 16,519 shares of company stock valued at $131,156 in the last quarter. Company insiders own 9.05% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RENT. Russell Investments Group Ltd. acquired a new position in shares of Rent the Runway in the 4th quarter valued at about $1,568,000. CastleKnight Management LP boosted its holdings in shares of Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after buying an additional 411,000 shares during the period. Breed s Hill Capital LLC acquired a new position in shares of Rent the Runway in the 4th quarter valued at about $53,000. Landscape Capital Management L.L.C. acquired a new position in shares of Rent the Runway in the 3rd quarter valued at about $66,000. Finally, Panagora Asset Management Inc. acquired a new position in shares of Rent the Runway in the 3rd quarter valued at about $46,000. 73.10% of the stock is owned by institutional investors and hedge funds.

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.