Rent the Runway (NASDAQ:RENT) PT Lowered to $20.00

Rent the Runway (NASDAQ:RENT) had its price target dropped by investment analysts at JMP Securities from $40.00 to $20.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential upside of 4.00% from the stock’s current price.

RENT has been the subject of several other research reports. Wells Fargo & Company reiterated an “equal weight” rating and issued a $12.00 price objective on shares of Rent the Runway in a research report on Tuesday, January 16th. The Goldman Sachs Group cut their price target on Rent the Runway from $70.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Finally, Piper Sandler reissued a “neutral” rating and set a $15.00 price objective (down previously from $40.00) on shares of Rent the Runway in a report on Wednesday, January 17th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $31.88.

Rent the Runway Trading Down 0.8 %

Shares of Rent the Runway stock opened at $19.23 on Thursday. The stock has a market capitalization of $67.69 million, a price-to-earnings ratio of -0.58 and a beta of 0.82. The firm’s 50-day moving average price is $8.35 and its two-hundred day moving average price is $10.87. Rent the Runway has a 1-year low of $4.46 and a 1-year high of $69.20.

Insider Activity at Rent the Runway

In related news, CEO Jennifer Hyman sold 7,770 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $7.00, for a total transaction of $54,390.00. Following the completion of the sale, the chief executive officer now directly owns 169,486 shares of the company’s stock, valued at $1,186,402. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 16,519 shares of company stock worth $131,156 over the last 90 days. Insiders own 9.05% of the company’s stock.

Institutional Investors Weigh In On Rent the Runway

Institutional investors have recently made changes to their positions in the stock. Panagora Asset Management Inc. bought a new position in Rent the Runway during the third quarter worth about $46,000. Commonwealth Equity Services LLC boosted its stake in Rent the Runway by 119.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock worth $38,000 after acquiring an additional 30,050 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new position in Rent the Runway during the third quarter valued at approximately $66,000. Verition Fund Management LLC bought a new stake in Rent the Runway in the second quarter valued at approximately $50,000. Finally, Prudential Financial Inc. bought a new stake in Rent the Runway in the first quarter valued at approximately $40,000. 73.10% of the stock is 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.