Wall Street Zen Downgrades Rent the Runway (NASDAQ:RENT) to Sell

Rent the Runway (NASDAQ:RENT) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

A number of other research analysts have also recently weighed in on the stock. Citigroup cut shares of Rent the Runway to a “market perform” rating in a research note on Tuesday, April 15th. Citizens Jmp cut shares of Rent the Runway from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $33.00.

Rent the Runway Price Performance

Shares of RENT stock opened at $8.62 on Friday. Rent the Runway has a 1 year low of $3.69 and a 1 year high of $28.50. The firm has a fifty day moving average price of $5.12 and a 200-day moving average price of $6.72. The company has a market cap of $34.32 million, a price-to-earnings ratio of -0.39 and a beta of 1.41.

Rent the Runway (NASDAQ:RENT) last issued its quarterly earnings data on Thursday, June 5th. The company reported ($6.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($7.43) by $0.85. The business had revenue of $69.60 million for the quarter, compared to the consensus estimate of $68.70 million. Equities research analysts expect that Rent the Runway will post -18.61 EPS for the current year.

Institutional Trading of Rent the Runway

Hedge funds have recently bought and sold shares of the stock. CastleKnight Management LP lifted its stake in Rent the Runway by 51.7% in the 4th quarter. CastleKnight Management LP now owns 230,562 shares of the company’s stock worth $1,960,000 after purchasing an additional 78,535 shares in the last quarter. Connective Capital Management LLC purchased a new stake in Rent the Runway in the 4th quarter worth $183,000. GKV Capital Management Co. Inc. purchased a new stake in Rent the Runway in the 4th quarter worth $33,000. XTX Topco Ltd purchased a new stake in Rent the Runway in the 1st quarter worth $52,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Rent the Runway during the 1st quarter valued at about $46,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Rent the Runway Company Profile

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.