Home Ready to wear Rent the Runway, Inc. (NASDAQ:RENT) Receives an Average “Moderate Buy” Rating from Brokerages

Rent the Runway, Inc. (NASDAQ:RENT) Receives an Average “Moderate Buy” Rating from Brokerages

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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%

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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

(Get an assessment)

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.

Further reading

Analyst Recommendations for Rent the Runway (NASDAQ:RENT)

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