Rent the Runway (NASDAQ:RENT) Issues Earnings Results

Rent the Runway (NASDAQ:RENTGet Free Report) issued its earnings results on Thursday. The company reported ($6.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($6.56) by $0.53, reports. The company had revenue of $75.00 million during the quarter, compared to analyst estimates of $73.20 million. Rent the Runway updated its Q2 2024 guidance to EPS and its FY 2024 guidance to EPS.

Rent the Runway Stock Down 13.4 %

Rent the Runway stock opened at $23.22 on Friday. The firm’s 50 day simple moving average is $17.32 and its 200 day simple moving average is $12.99. Rent the Runway has a 1-year low of $4.46 and a 1-year high of $51.60.

Insider Buying and Selling

In other Rent the Runway news, CEO Jennifer Hyman sold 4,600 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $12.28, for a total value of $56,488.00. Following the completion of the transaction, the chief executive officer now owns 164,884 shares of the company’s stock, valued at approximately $2,024,775.52. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 16,979 shares of company stock valued at $150,993. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Rent the Runway

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Landscape Capital Management L.L.C. purchased a new position in Rent the Runway in the 3rd quarter worth approximately $66,000. Breed s Hill Capital LLC purchased a new position in Rent the Runway in the 4th quarter worth approximately $53,000. CastleKnight Management LP grew its stake in Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after buying an additional 411,000 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Rent the Runway in the 4th quarter worth approximately $1,568,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on RENT shares. JMP Securities raised their target price on shares of Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a research report on Friday. The Goldman Sachs Group lowered their target price on shares of 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. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $34.38.

Read Our Latest Research Report on Rent the Runway

Rent the Runway Company Profile

(Get Free Report)

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.

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Earnings History for Rent the Runway (NASDAQ:RENT)

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