Rent the Runway, Inc. (NASDAQ:RENT) Short Interest Update

Rent the Runway, Inc. (NASDAQ:RENT) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totalling 220,200 shares, a decrease of 18.5% from the September 15th total of 270,200 shares. Currently, 12.2% of the company’s stock are short sold. Based on an average trading volume of 80,400 shares, the days-to-cover ratio is currently 2.7 days.

Analysts Set New Price Targets

Separately, Jefferies Financial Group lowered their price target on Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.86.

Rent the Runway Price Performance

NASDAQ:RENT opened at $10.11 on Monday. The firm has a market capitalization of $37.12 million, a price-to-earnings ratio of -0.34 and a beta of 1.04. Rent the Runway has a one year low of $4.46 and a one year high of $41.81. The business has a fifty day moving average price of $10.96 and a 200-day moving average price of $15.16.

Rent the Runway (NASDAQ:RENT) last posted its quarterly earnings data on Thursday, September 5th. The company reported ($4.17) 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 analysts’ expectations of $76.60 million. During the same quarter last year, the company earned ($8.00) earnings per share. On average, equities research analysts expect that Rent the Runway will post -19.08 earnings per share for the current fiscal year.

Insider Activity at Rent the Runway

In other news, CEO Jennifer Hyman sold 6,127 shares of the 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 transaction, the chief executive officer now directly owns 148,088 shares of the company’s stock, valued at $1,480,880. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 18,187 shares of company stock valued at $195,670. 6.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rent the Runway

Institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. purchased a new stake in Rent the Runway in the 2nd quarter worth $33,000. Point72 DIFC Ltd purchased a new stake in Rent the Runway in the 2nd quarter worth $70,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Rent the Runway in the 2nd quarter worth $72,000. Summit Securities Group LLC purchased a new stake in Rent the Runway in the 2nd quarter worth $86,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Rent the Runway in the 2nd quarter worth $131,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

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.