Rent the Runway (NASDAQ:RENT) Issues Quarterly Earnings Results

Rent the Runway (NASDAQ:RENT) announced its quarterly earnings data on Thursday. The company reported ($4.17) EPS for the quarter, beating the consensus estimate of ($5.86) by $1.69, Yahoo Finance reports. The firm had revenue of $78.90 million for the quarter, compared to the consensus estimate of $76.60 million. During the same quarter last year, the company posted ($8.00) earnings per share. Rent the Runway updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Rent the Runway Stock Down 27.7 %

Rent the Runway stock opened at $10.90 on Friday. Rent the Runway has a twelve month low of $4.46 and a twelve month high of $41.81. The stock’s 50 day moving average is $14.05 and its 200 day moving average is $14.68. The company has a market capitalization of $40.02 million, a P/E ratio of -0.36 and a beta of 1.08.

Analyst Ratings Changes

RENT has been the topic of a number of analyst reports. JMP Securities lifted their price target on Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Friday, June 7th. Jefferies Financial Group cut their price objective on Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.13.

Insider Transactions at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 4,544 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $11.96, for a total transaction of $54,346.24. Following the sale, the chief executive officer now directly owns 154,215 shares in the company, valued at approximately $1,844,411.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 7,040 shares of company stock valued at $84,200 in the last quarter. 6.60% of the stock is owned by insiders.

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.