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

Rent the Runway, Inc. (NASDAQ:RENT) was the recipient of a significant decrease in short interest in the month of May. As of May 31st, there was short interest totalling 267,100 shares, a decrease of 21.4% from the May 15th total of 339,900 shares. Based on an average trading volume of 1,420,000 shares, the short-interest ratio is currently 0.2 days. Approximately 15.4% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JMP Securities upped their price target on Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a report on Friday, June 7th. The Goldman Sachs Group lowered their price target on shares of Rent the Runway from $40.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $25.00.

Insider Buying and Selling

In other Rent the Runway news, CEO Jennifer Hyman sold 4,600 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $12.28, for a total transaction of $56,488.00. Following the sale, the chief executive officer now directly owns 164,884 shares in the company, valued at approximately $2,024,775.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 16,979 shares of company stock valued at $150,993 over the last quarter. Company insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Breed s Hill Capital LLC purchased a new position in Rent the Runway during the fourth quarter worth approximately $53,000. CastleKnight Management LP raised its position in shares of Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after buying an additional 411,000 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in Rent the Runway in the fourth quarter valued at $1,568,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Rent the Runway Price Performance

NASDAQ:RENT traded down $1.09 on Friday, reaching $21.89. The stock had a trading volume of 78,618 shares, compared to its average volume of 210,732. Rent the Runway has a 12-month low of $4.46 and a 12-month high of $51.20. The company has a market cap of $80.38 million, a price-to-earnings ratio of -0.73 and a beta of 1.20. The firm’s fifty day moving average is $19.47 and its two-hundred day moving average is $13.51.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings data on Thursday, June 6th. The company reported ($6.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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, research analysts forecast that Rent the Runway will post -22.21 earnings per share for the current fiscal year.

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.