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

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

Several research analysts have recently commented on the stock. Piper Sandler restated 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 lowered their target price on shares of Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Thursday, April 11th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $12.00 target price on shares of Rent the Runway in a research note on Tuesday, January 16th. Finally, 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 on the stock in a research note on Friday, April 12th.

Rent the Runway Stock Up 1.3 %

Shares of RENT opened at $12.07 on Monday. The company’s fifty day moving average is $8.67 and its 200-day moving average is $10.76. Rent the Runway has a 12 month low of $4.46 and a 12 month high of $60.30. The firm has a market cap of $44.30 million, a price-to-earnings ratio of -0.36 and a beta of 0.82.

Insiders Place Their Bets

In other Rent the Runway news, CEO Jennifer Hyman sold 7,770 shares of the firm’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 sale, the chief executive officer now directly owns 169,486 shares in the company, valued at approximately $1,186,402. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 16,519 shares of company stock worth $131,156 in the last ninety days. Insiders own 9.05% of the company’s stock.

Institutional Trading of Rent the Runway

Several hedge funds and other institutional investors have recently bought and sold shares of RENT. Russell Investments Group Ltd. acquired a new stake in Rent the Runway in the 4th quarter worth $1,568,000. CastleKnight Management LP grew its position 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 purchasing an additional 411,000 shares during the last quarter. Breed s Hill Capital LLC acquired a new stake in Rent the Runway in the 4th quarter worth $53,000. Landscape Capital Management L.L.C. bought a new position in shares of Rent the Runway during the 3rd quarter worth about $66,000. Finally, Panagora Asset Management Inc. bought a new position in shares of Rent the Runway during the 3rd quarter worth about $46,000. 73.10% of the stock is currently 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.