Raymond James Downgrades Rent the Runway (NASDAQ:RENT) to Market Perform

Posted by Defense World Staff on Sep 10th, 2023

Rent the Runway (NASDAQ:RENT – Get Free Report) was downgraded by analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report issued on Friday, FlyOnTheWall reports.

Separately, Telsey Advisory Group restated an “outperform” rating and issued a $4.00 price objective on shares of Rent the Runway in a research note on Tuesday, September 5th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Rent the Runway has an average rating of “Moderate Buy” and an average target price of $4.81.

Get Our Latest Analysis on Rent the Runway

Rent the Runway Price Performance

Shares of RENT stock opened at $0.98 on Friday. Rent the Runway has a 1-year low of $0.86 and a 1-year high of $5.00. The stock’s 50-day moving average is $1.63 and its 200 day moving average is $2.27. The company has a market cap of $65.98 million, a P/E ratio of -0.50 and a beta of 0.68.

Rent the Runway (NASDAQ:RENT – Get Free Report) last issued its quarterly earnings results on Friday, September 8th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.03. The business had revenue of $75.70 million during the quarter, compared to analyst estimates of $78.54 million. During the same period in the prior year, the business posted ($0.53) EPS. On average, analysts anticipate that Rent the Runway will post -1.74 EPS for the current year.

Insider Buying and Selling at Rent the Runway

In other Rent the Runway news, CFO Siddharth Thacker sold 15,011 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $2.33, for a total value of $34,975.63. Following the completion of the transaction, the chief financial officer now directly owns 753,739 shares of the company’s stock, valued at $1,756,211.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Siddharth Thacker sold 15,011 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $2.33, for a total transaction of $34,975.63. Following the completion of the transaction, the chief financial officer now directly owns 753,739 shares of the company’s stock, valued at approximately $1,756,211.87. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Brian Donato sold 36,908 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $1.82, for a total value of $67,172.56. Following the transaction, the executive now directly owns 741,692 shares of the company’s stock, valued at $1,349,879.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,552 shares of company stock valued at $559,876. 12.09% of the stock is owned by company insiders.

Institutional Trading of Rent the Runway

Large investors have recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of Rent the Runway during the first quarter worth approximately $75,000. Raymond James & Associates purchased a new stake in Rent the Runway in the 1st quarter valued at $33,000. Barclays PLC grew its holdings in Rent the Runway by 541.1% in the 4th quarter. Barclays PLC now owns 12,700 shares of the company’s stock valued at $39,000 after buying an additional 10,719 shares in the last quarter. Prudential Financial Inc. purchased a new stake in Rent the Runway in the 1st quarter valued at $40,000. Finally, Bank of Montreal Can acquired a new position in shares of Rent the Runway in the 2nd quarter valued at $33,000. 66.51% of the stock is currently owned by hedge funds and other institutional investors.

Rent the Runway Company Profile

(Get Free Report)

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.

Analyst Recommendations for Rent the Runway (NASDAQ:RENT)

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