Rent the Runway (NASDAQ:RENT) Price Target Lowered to $26.00 at Jefferies Financial Group

Rent the Runway (NASDAQ:RENT) had its price target trimmed by Jefferies Financial Group from $34.00 to $26.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, JMP Securities upped their price objective on shares of 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. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Rent the Runway currently has an average rating of Hold and a consensus target price of $25.13.

Rent the Runway Stock Down 27.7 %

Shares of NASDAQ:RENT opened at $10.90 on Friday. The business has a 50 day moving average price of $14.05 and a 200 day moving average price of $14.68. The company has a market cap of $40.00 million, a price-to-earnings ratio of -0.36 and a beta of 1.08. Rent the Runway has a twelve month low of $4.46 and a twelve month high of $41.81.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings data on Thursday, September 5th. The company reported ($4.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.86) by $1.69. The company had revenue of $78.90 million during the quarter, compared to analyst estimates of $76.60 million. During the same quarter in the previous year, the business posted ($8.00) EPS. Analysts anticipate that Rent the Runway will post -22.21 EPS for the current year.

Insider Activity

In related news, CEO Jennifer Hyman sold 4,544 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $11.96, for a total transaction of $54,346.24. Following the completion of the sale, the chief executive officer now owns 154,215 shares in the company, valued at approximately $1,844,411.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 7,040 shares of company stock worth $84,200. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Rent the Runway

Several large investors have recently added to or reduced their stakes in RENT. Meeder Asset Management Inc. bought a new stake in Rent the Runway during the 2nd quarter worth approximately $33,000. Point72 DIFC Ltd acquired a new position in Rent the Runway in the second quarter worth $70,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Rent the Runway during the second quarter worth $72,000. Summit Securities Group LLC acquired a new stake in shares of Rent the Runway in the second quarter valued at $86,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Rent the Runway in the second quarter valued at about $131,000. 73.10% of the stock is 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.