Connective Capital Management LLC Takes Position in Rent the Runway, Inc. (NASDAQ:RENT)

Connective Capital Management LLC purchased a new stake in shares of Rent the Runway, Inc. (NASDAQ:RENT) during the fourth quarter, Holdings Channel.com reports. The fund purchased 21,485 shares of the company’s stock, valued at approximately $183,000.

A number of other institutional investors have also recently made changes to their positions in the company. CastleKnight Management LP lifted its position in shares of Rent the Runway by 51.7% during the 4th quarter. CastleKnight Management LP now owns 230,562 shares of the company’s stock valued at $1,960,000 after buying an additional 78,535 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Rent the Runway by 40.0% during the 4th quarter. Bank of America Corp DE now owns 23,755 shares of the company’s stock valued at $202,000 after buying an additional 6,785 shares during the last quarter. Finally, GKV Capital Management Co. Inc. purchased a new position in shares of Rent the Runway during the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Rent the Runway Trading Up 7.0%

Shares of Rent the Runway stock opened at $6.57 on Wednesday. The firm has a market capitalization of $26.16 million, a PE ratio of -0.30 and a beta of 1.32. The business’s 50-day moving average price is $4.75 and its 200-day moving average price is $7.05. Rent the Runway, Inc. has a 12 month low of $3.69 and a 12 month high of $37.50.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings data on Tuesday, April 15th. The company reported ($3.44) EPS for the quarter, beating the consensus estimate of ($3.48) by $0.04. The firm had revenue of $76.40 million for the quarter, compared to the consensus estimate of $77.60 million. As a group, analysts predict that Rent the Runway, Inc. will post -18.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on RENT shares. Citigroup cut Rent the Runway to a “market perform” rating in a report on Tuesday, April 15th. Citizens Jmp cut Rent the Runway from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th.

Rent the Runway Company Profile

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.