Insider Selling: Rent the Runway, Inc. (NASDAQ:RENT) SVP Sells 974 Shares of Stock

Rent the Runway, Inc. (NASDAQ:RENT) SVP Zachary Benjamin Phillips sold 974 shares of Rent the Runway stock in a transaction on Monday, August 5th. The shares were sold at an average price of $11.96, for a total value of $11,649.04. Following the completion of the transaction, the senior vice president now owns 17,994 shares in the company, valued at $215,208.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Rent the Runway Stock Performance

RENT stock traded down $0.85 on Wednesday, hitting $10.15. 26,426 shares of the company’s stock were exchanged, compared to its average volume of 641,072. Rent the Runway, Inc. has a 12-month low of $4.46 and a 12-month high of $41.81. The firm has a 50 day moving average price of $18.54 and a two-hundred day moving average price of $14.52. The stock has a market cap of $37.25 million, a P/E ratio of -0.34 and a beta of 1.10.

Rent the Runway (NASDAQ:RENT) last announced its earnings results on Thursday, June 6th. The company reported ($6.03) earnings per share for the quarter, topping the consensus estimate of ($6.56) by $0.53. The business had revenue of $75.00 million for the quarter, compared to analysts’ expectations of $73.20 million. Sell-side analysts expect that Rent the Runway, Inc. will post -22.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RENT. Nisa Investment Advisors LLC acquired a new stake in Rent the Runway during the 2nd quarter worth about $308,000. Summit Securities Group LLC acquired a new stake in Rent the Runway during the 2nd quarter worth about $86,000. CastleKnight Management LP lifted its position in Rent the Runway by 304.9% during the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after acquiring an additional 411,000 shares during the period. Russell Investments Group Ltd. acquired a new stake in Rent the Runway during the 4th quarter worth about $1,568,000. Finally, Breed s Hill Capital LLC acquired a new stake in Rent the Runway during the 4th quarter worth about $53,000. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RENT shares. The Goldman Sachs Group cut their price target on Rent the Runway from $40.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, April 12th. JMP Securities lifted their price target on Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a report on Friday, June 7th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $25.00.

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.