Shares of Rent the Runway, Inc. (NASDAQ:RENT – Get Rating) received an average recommendation of “moderate buy” from the eleven analysts who cover the company, reports MarketBeat Ratings. One equity research analyst gave the stock a hold rating and ten gave the company a buy rating. The average 1-year target price among brokers who have issued ratings on the stock in the past year is $10.78.
A number of brokerages have weighed in on RENT. Wells Fargo & Company lowered its price target on Rent the Runway stock from $14.00 to $12.00 and set an “overweight” rating on the stock in a Friday, June 10 report. Goldman Sachs Group cut its price target on Rent the Runway from $25.00 to $10.00 and set a “buy” rating for the company in a Thursday, April 14 report. JMP Securities reduced its target price on Rent the Runway from $18.00 to $12.00 and set a “market outperformance” rating for the company in a Friday, June 10 research report. Barclays cut its price target on Rent the Runway from $16.00 to $7.00 and set an “overweight” rating on the stock in a Friday June 10 research note. Finally, Piper Sandler kicked off Rent the Runway coverage in a report on Friday, July 22. They issued an “overweight” rating on the stock.
Hedge funds weigh on track rental
A number of large investors have recently changed their positions in RENT. William Marsh Rice University purchased a new stake in shares of Rent the Runway during the first quarter valued at $4,244,000. Walleye Capital LLC purchased a new stake in shares of Rent the Runway during the fourth quarter at a value of $865,000. Penserra Capital Management LLC purchased a new equity stake in Rent the Runway during the fourth quarter at a value of $6,864,000. KPCB XIV Associates LLC purchased a new equity stake in Rent the Runway during the fourth quarter at a value of $16,529,000. Finally, Northern Trust Corp bought a new stake in Rent the Runway in the fourth quarter worth $1,202,000. 69.83% of the shares are held by institutional investors and hedge funds.
Rent the swap track for up to 2.9%
RENT rose $0.13 on Monday, hitting $4.57. The company had a trading volume of 17,152 shares, compared to an average volume of 601,185. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt ratio of 7.78. Rent the Runway has a 12 month minimum of $39.15 and a 12 month maximum of $84.23.
Rent the Runway (NASDAQ:RENT – Get Rating) last released its quarterly earnings data on Thursday, June 9. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.08. The company posted revenue of $67.10 million for the quarter, compared to $64.25 million expected by analysts. On average, sell-side analysts expect Rent the Runway to post -2.65 earnings per share for the current fiscal year.
Rent Runway Company Profile
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Rent the Runway, Inc rents designer women’s clothing through its stores and online stores. The company offers ready-to-wear, workwear, denim, casual wear, maternity wear, outerwear, blouses, knitwear, loungewear, jewelry, handbags handmade, sportswear, skiwear, homeware, evening wear and children’s wear, as well as accessories.
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