Rent the Runway, Inc. (NASDAQ:RENT) Short Interest Up 14.6% in April

Rent the Runway, Inc. (NASDAQ:RENT) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totaling 1,065,485 shares, an increase of 14.6% from the March 31st total of 929,559 shares. Approximately 3.5% of the company’s stock are short sold. Based on an average daily trading volume, of 140,434 shares, the days-to-cover ratio is presently 7.6 days.

Analysts Set New Price Targets

Several brokerages recently issued reports on RENT. Wall Street Zen lowered shares of Rent the Runway from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Rent the Runway in a report on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

Rent the Runway Stock Up 3.1%

Shares of RENT opened at $4.66 on Friday. The company has a market cap of $155.73 million, a price-to-earnings ratio of 9.71 and a beta of 1.33. Rent the Runway has a twelve month low of $3.69 and a twelve month high of $10.13. The company has a 50 day moving average of $5.10 and a two-hundred day moving average of $5.82.

Rent the Runway (NASDAQ:RENT) last announced its earnings results on Tuesday, April 14th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($3.97) by $3.93. The firm had revenue of $91.70 million during the quarter, compared to analyst estimates of $76.60 million.

Institutional Investors Weigh In On Rent the Runway

Institutional investors have recently bought and sold shares of the company. Marshall Wace LLP acquired a new stake in Rent the Runway in the fourth quarter valued at approximately $84,000. Romano Brothers AND Company acquired a new stake in shares of Rent the Runway during the fourth quarter worth $87,000. Virtu Financial LLC acquired a new stake in shares of Rent the Runway during the fourth quarter worth $88,000. Renaissance Technologies LLC acquired a new stake in shares of Rent the Runway during the fourth quarter worth $89,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Rent the Runway during the fourth quarter worth $92,000. 73.10% of the stock is currently owned by institutional investors and hedge funds.

About Rent the Runway

Rent the Runway (NASDAQ: RENT) operates an online marketplace and subscription service that provides designer apparel and accessory rentals to consumers. The company offers both one-time rentals and tiered subscription plans, enabling members to borrow items on a recurring basis rather than purchasing them outright. Rent the Runway’s inventory spans a wide range of brands and styles, including evening gowns, everyday wear, handbags and jewelry, positioning the company within the broader sharing-economy and circular-fashion movements.

Founded in 2009 by Jennifer Hyman and Jennifer Fleiss, Rent the Runway was built on the premise of making high-end fashion more accessible and sustainable.