Rent the Runway (NASDAQ:RENT) Share Price Crosses Above 200 Day Moving Average of $14.67

Shares of Rent the Runway, Inc. (NASDAQ:RENT) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.67 and traded as high as $15.41. Rent the Runway shares last traded at $15.08, with a volume of 341,783 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RENT. JMP Securities raised their price objective on Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a research report on Friday, June 7th. Jefferies Financial Group cut their target price on Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Rent the Runway currently has an average rating of “Hold” and an average price target of $25.13.

Rent the Runway Trading Down 27.7 %

The stock has a market capitalization of $40.02 million, a PE ratio of -0.36 and a beta of 1.08. The stock has a 50 day moving average price of $14.05 and a 200-day moving average price of $14.68.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings results on Thursday, September 5th. The company reported ($4.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($5.86) by $1.69. The firm had revenue of $78.90 million for the quarter, compared to the consensus estimate of $76.60 million. During the same quarter in the prior year, the firm earned ($8.00) earnings per share. Research analysts forecast that Rent the Runway, Inc. will post -22.21 earnings per share for the current year.

Insider Buying and Selling at Rent the Runway

In related news, CEO Jennifer Hyman sold 4,544 shares of Rent the Runway stock in a transaction on Monday, August 5th. The stock was sold at an average price of $11.96, for a total transaction of $54,346.24. Following the transaction, the chief executive officer now directly owns 154,215 shares in the company, valued at $1,844,411.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 7,040 shares of company stock valued at $84,200. Insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RENT. Russell Investments Group Ltd. purchased a new position in Rent the Runway in the 4th quarter worth approximately $1,568,000. CastleKnight Management LP lifted its holdings in Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after purchasing an additional 411,000 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in Rent the Runway in the 2nd quarter worth approximately $308,000. XTX Topco Ltd purchased a new position in Rent the Runway in the 2nd quarter worth approximately $293,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Rent the Runway in the 2nd quarter worth approximately $227,000. 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.