Short Interest in Rent the Runway, Inc. (NASDAQ:RENT) Grows By 56.8%

Rent the Runway, Inc. (NASDAQ:RENT) saw a significant growth in short interest in September. As of September 15th, there was short interest totalling 270,200 shares, a growth of 56.8% from the August 31st total of 172,300 shares. Approximately 14.9% of the shares of the stock are sold short. Based on an average daily volume of 85,400 shares, the short-interest ratio is presently 3.2 days.

Analyst Ratings Changes

RENT has been the subject of a number of recent research reports. Jefferies Financial Group dropped their price objective on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, September 6th. JMP Securities lifted their price target on shares of Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a report on Friday, June 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.86.

Rent the Runway Stock Performance

NASDAQ RENT traded up $0.19 during trading hours on Friday, hitting $10.12. 64,674 shares of the company’s stock were exchanged, compared to its average volume of 153,134. The firm has a market capitalization of $38.56 million, a P/E ratio of -0.34 and a beta of 1.08. The business’s 50 day moving average is $11.98 and its 200-day moving average is $14.93. Rent the Runway has a 12-month low of $4.46 and a 12-month high of $41.81.

Rent the Runway (NASDAQ:RENT) last released its earnings results 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 period in the prior year, the business posted ($8.00) earnings per share. As a group, equities research analysts anticipate that Rent the Runway will post -19.08 EPS for the current fiscal year.

Insider Buying and Selling at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 6,127 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.00, for a total transaction of $61,270.00. Following the completion of the transaction, the chief executive officer now owns 148,088 shares of the company’s stock, valued at $1,480,880. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 18,187 shares of company stock valued at $195,670 over the last quarter. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Rent the Runway

Several institutional investors have recently made changes to their positions in the stock. CastleKnight Management LP grew its holdings in shares of 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 purchasing an additional 411,000 shares during the period. Nisa Investment Advisors LLC acquired a new position in Rent the Runway during the second quarter valued at approximately $308,000. Summit Securities Group LLC acquired a new position in Rent the Runway during the second quarter valued at approximately $86,000. Meeder Asset Management Inc. purchased a new stake in Rent the Runway during the second quarter worth approximately $33,000. Finally, XTX Topco Ltd acquired a new stake in shares of Rent the Runway in the second quarter worth $293,000. 73.10% of the stock is owned by hedge funds and other 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.