Analysts Set Rent the Runway, Inc. (NASDAQ:RENT) Target Price at $25.00

Rent the Runway, Inc. (NASDAQ:RENT) has been assigned an average rating of “Hold” from the eight analysts that are presently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $25.00.

Several equities analysts have issued reports on RENT shares. JMP Securities increased 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 report on Friday, June 7th. The Goldman Sachs Group dropped their price target on shares of Rent the Runway from $40.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, April 12th.

Rent the Runway Stock Up 9.5 %

NASDAQ:RENT opened at $11.00 on Wednesday. Rent the Runway has a 52 week low of $4.46 and a 52 week high of $41.81. The stock has a market cap of $40.37 million, a price-to-earnings ratio of -0.37 and a beta of 1.10. The company’s 50 day moving average price is $18.54 and its 200-day moving average price is $14.52.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings results on Thursday, June 6th. The company reported ($6.03) EPS for the quarter, topping analysts’ consensus estimates of ($6.56) by $0.53. The firm had revenue of $75.00 million for the quarter, compared to analysts’ expectations of $73.20 million. As a group, sell-side analysts anticipate that Rent the Runway will post -22.21 earnings per share for the current year.

Institutional Trading of Rent the Runway

A number of institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in Rent the Runway during the fourth quarter valued at approximately $1,568,000. CastleKnight Management LP increased its stake in Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after buying an additional 411,000 shares during the period. Breed s Hill Capital LLC acquired a new position in Rent the Runway in the 4th quarter valued at approximately $53,000. Nisa Investment Advisors LLC acquired a new position in Rent the Runway in the 2nd quarter valued at approximately $308,000. Finally, Summit Securities Group LLC acquired a new position in Rent the Runway in the 2nd quarter valued at approximately $86,000. 73.10% of the stock is owned by institutional investors and hedge funds.

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.