Jefferies Financial Group Trims Rent the Runway (NASDAQ:RENT) Target Price to $26.00

Rent the Runway (NASDAQ:RENT) had its target price reduced by Jefferies Financial Group from $34.00 to $26.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Separately, JMP Securities lifted 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. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Rent the Runway has an average rating of Moderate Buy and a consensus price target of $25.13.

Rent the Runway Trading Down 5.9 %

Shares of RENT stock opened at $10.26 on Friday. Rent the Runway has a twelve month low of $4.46 and a twelve month high of $41.81. The stock has a fifty day simple moving average of $13.95 and a two-hundred day simple moving average of $14.77. The stock has a market capitalization of $37.65 million, a price-to-earnings ratio of -0.34 and a beta of 1.08.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings data on Thursday, September 5th. The company reported ($4.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($5.86) by $1.69. The business had revenue of $78.90 million during the quarter, compared to analysts’ expectations of $76.60 million. During the same period last year, the company earned ($8.00) earnings per share. Research analysts predict that Rent the Runway will post -22.21 EPS for the current fiscal year.

Insider Activity at Rent the Runway

In related news, CEO Jennifer Hyman sold 4,544 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $11.96, for a total transaction of $54,346.24. Following the transaction, the chief executive officer now directly owns 154,215 shares of the company’s stock, valued at approximately $1,844,411.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 7,040 shares of company stock valued at $84,200 over the last 90 days. Insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Rent the Runway

Several institutional investors and hedge funds have recently made changes to their positions in RENT. Meeder Asset Management Inc. purchased a new stake in Rent the Runway during the 2nd quarter valued at about $33,000. Point72 DIFC Ltd acquired a new stake in shares of Rent the Runway during the second quarter worth about $70,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Rent the Runway in the second quarter valued at approximately $72,000. Summit Securities Group LLC acquired a new position in Rent the Runway in the 2nd quarter worth approximately $86,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Rent the Runway during the 2nd quarter worth approximately $131,000. 73.10% of the stock is currently 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.