Sarah K. Tam Sells 1,394 Shares of Rent the Runway, Inc. (NASDAQ:RENT) Stock

Rent the Runway, Inc. (NASDAQ:RENT) insider Sarah K. Tam sold 1,394 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $10.00, for a total transaction of $13,940.00. Following the sale, the insider now directly owns 32,315 shares of the company’s stock, valued at approximately $323,150. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Rent the Runway Trading Up 2.9 %

Shares of NASDAQ RENT opened at $9.90 on Friday. Rent the Runway, Inc. has a twelve month low of $4.46 and a twelve month high of $41.81. The business has a 50 day simple moving average of $13.15 and a 200-day simple moving average of $14.82.

Rent the Runway (NASDAQ:RENT) last issued its earnings results 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 for the quarter, compared to analyst estimates of $76.60 million. During the same period last year, the company posted ($8.00) earnings per share. Research analysts predict that Rent the Runway, Inc. will post -19.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rent the Runway

Institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC acquired a new position in Rent the Runway during the 2nd quarter valued at approximately $308,000. Meeder Asset Management Inc. bought a new stake in Rent the Runway in the second quarter valued at $33,000. Summit Securities Group LLC acquired a new position in shares of Rent the Runway during the second quarter valued at $86,000. CastleKnight Management LP grew its position in shares of Rent the Runway by 304.9% during the fourth quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock worth $288,000 after acquiring an additional 411,000 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Rent the Runway during the second quarter worth about $131,000. 73.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RENT has been the topic of several recent research reports. Jefferies Financial Group reduced their target price on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JMP Securities raised their price target 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. Three investment 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 currently has a consensus rating of “Moderate Buy” and an average price target of $25.86.

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.