Rent the Runway (NASDAQ:RENT) Stock Passes Above Two Hundred Day Moving Average of $12.06

Rent the Runway, Inc. (NASDAQ:RENT) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $12.06 and traded as high as $30.57. Rent the Runway shares last traded at $29.19, with a volume of 124,452 shares.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RENT shares. JMP Securities cut 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 lowered their price target on 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 stock. Based on data from MarketBeat.com, Rent the Runway presently has a consensus rating of “Hold” and a consensus target price of $31.88.

Rent the Runway Trading Down 1.9 %

The company has a market capitalization of $107.13 million, a price-to-earnings ratio of -0.88 and a beta of 0.49. The stock’s fifty day simple moving average is $14.01 and its 200-day simple moving average is $12.06.

Rent the Runway (NASDAQ:RENT) last released its earnings results on Wednesday, April 10th. The company reported ($5.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.80) by ($0.03). The company had revenue of $75.80 million during the quarter, compared to analysts’ expectations of $74.50 million. On average, analysts anticipate that Rent the Runway, Inc. will post -20.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Rent the Runway news, CEO Jennifer Hyman sold 7,770 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 169,486 shares of the company’s stock, valued at approximately $1,186,402. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold 17,076 shares of company stock worth $151,711 over the last 90 days. 9.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC increased its stake 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 valued at $38,000 after purchasing an additional 30,050 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in Rent the Runway during the 3rd quarter worth approximately $46,000. Landscape Capital Management L.L.C. acquired a new position in Rent the Runway during the third quarter worth approximately $66,000. Russell Investments Group Ltd. purchased a new stake in Rent the Runway in the 4th quarter valued at $1,568,000. Finally, Breed s Hill Capital LLC purchased a new position in Rent the Runway during the 4th quarter worth $53,000. 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.