Rent the Runway (NASDAQ:RENT) PT Lowered to $28.00 at The Goldman Sachs Group

Rent the Runway (NASDAQ:RENT) had its target price trimmed by The Goldman Sachs Group from $40.00 to $28.00 in a report published on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently commented on RENT. Wells Fargo & Company restated an equal weight rating and set a $12.00 price objective on shares of Rent the Runway in a report on Tuesday, January 16th. JMP Securities dropped their target price on shares of Rent the Runway from $40.00 to $20.00 and set a market outperform rating on the stock in a report on Thursday, April 11th. Finally, Piper Sandler reaffirmed a neutral rating and set a $15.00 target price (down previously from $40.00) on shares of Rent the Runway in a research report on Wednesday, January 17th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $31.88.

Rent the Runway Price Performance

Shares of RENT stock opened at $14.72 on Friday. The company has a market capitalization of $51.81 million, a P/E ratio of -0.44 and a beta of 0.82. The company’s 50-day simple moving average is $8.44 and its two-hundred day simple moving average is $10.84. Rent the Runway has a one year low of $4.46 and a one year high of $64.10.

Insider Transactions at Rent the Runway

In related news, CEO Jennifer Hyman sold 3,668 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $9.80, for a total transaction of $35,946.40. Following the transaction, the chief executive officer now directly owns 132,256 shares in the company, valued at approximately $1,296,108.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last three months, insiders have sold 16,519 shares of company stock valued at $131,156. Corporate insiders own 9.05% of the company’s stock.

Hedge Funds Weigh In On Rent the Runway

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in Rent the Runway by 15.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,333,333 shares of the company’s stock worth $22,513,000 after purchasing an additional 959,394 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Rent the Runway by 16.7% during the second quarter. BlackRock Inc. now owns 3,177,966 shares of the company’s stock worth $6,292,000 after buying an additional 453,698 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Rent the Runway during the fourth quarter valued at $1,568,000. Vanguard Group Inc. increased its position in shares of Rent the Runway by 29.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,348,066 shares of the company’s stock valued at $5,166,000 after acquiring an additional 529,281 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Rent the Runway by 27.2% in the 4th quarter. Marshall Wace LLP now owns 1,961,057 shares of the company’s stock valued at $5,981,000 after acquiring an additional 419,128 shares during the period. 73.10% of the stock is owned by hedge funds and other institutional investors.

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.