The Goldman Sachs Group Lowers Rent the Runway (NASDAQ:RENT) Price Target to $28.00

Rent the Runway (NASDAQ:RENT) had its target price dropped by analysts at The Goldman Sachs Group from $40.00 to $28.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 45.61% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Piper Sandler reaffirmed a “neutral” rating and set a $15.00 target price (down previously from $40.00) on shares of Rent the Runway in a research note on Wednesday, January 17th. JMP Securities dropped their target price on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a report on Thursday. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $12.00 target price on shares of Rent the Runway in a report on Tuesday, January 16th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $31.88.

Rent the Runway Trading Down 0.8 %

Shares of RENT stock opened at $19.23 on Friday. The stock has a market cap of $67.69 million, a price-to-earnings ratio of -0.58 and a beta of 0.82. The stock has a 50-day moving average of $8.35 and a 200-day moving average of $10.85. Rent the Runway has a 1-year low of $4.46 and a 1-year high of $69.20.

Insider Buying and Selling

In related news, CEO Jennifer Hyman sold 7,770 shares of Rent the Runway stock in a transaction on Monday, March 18th. The stock was sold at an average price of $7.00, for a total transaction of $54,390.00. Following the sale, the chief executive officer now directly owns 169,486 shares in the company, valued at $1,186,402. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 16,519 shares of company stock worth $131,156. 9.05% of the stock is owned by company insiders.

Institutional Trading of Rent the Runway

A number of hedge funds have recently bought and sold shares of the business. State Street Corp lifted its holdings in Rent the Runway by 0.5% during the first quarter. State Street Corp now owns 1,010,781 shares of the company’s stock worth $2,881,000 after acquiring an additional 5,410 shares during the period. Rhumbline Advisers increased its position in Rent the Runway by 49.1% in the first quarter. Rhumbline Advisers now owns 17,046 shares of the company’s stock worth $117,000 after buying an additional 5,617 shares during the last quarter. JPMorgan Chase & Co. increased its position in Rent the Runway by 4.0% in the fourth quarter. JPMorgan Chase & Co. now owns 162,951 shares of the company’s stock worth $497,000 after buying an additional 6,320 shares during the last quarter. Deutsche Bank AG increased its position in Rent the Runway by 23.3% in the first quarter. Deutsche Bank AG now owns 51,606 shares of the company’s stock worth $147,000 after buying an additional 9,748 shares during the last quarter. Finally, Barclays PLC increased its position in Rent the Runway by 541.1% in the fourth quarter. Barclays PLC now owns 12,700 shares of the company’s stock worth $39,000 after buying an additional 10,719 shares during the last quarter. 73.10% of the stock is currently owned by institutional investors.

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.