Rent the Runway (NASDAQ:RENT) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Rent the Runway (NASDAQ:RENTGet Rating) released its earnings results on Monday. The company reported ($0.53) EPS for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.12, MarketWatch Earnings reports.

Rent the Runway Stock Down 7.0 %

Shares of RENT stock traded down $0.21 during trading on Wednesday, hitting $2.81. 34,665 shares of the company were exchanged, compared to its average volume of 970,578. The business’s 50-day simple moving average is $4.50 and its 200 day simple moving average is $4.86. Rent the Runway has a twelve month low of $2.98 and a twelve month high of $24.77. The company has a debt-to-equity ratio of 7.78, a quick ratio of 3.13 and a current ratio of 3.13.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Raymond James decreased their price target on shares of Rent the Runway from $9.00 to $8.00 and set an “outperform” rating on the stock in a research report on Tuesday. KeyCorp began coverage on Rent the Runway in a report on Wednesday, July 20th. They issued a “sector weight” rating on the stock. Barclays decreased their price target on Rent the Runway from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Tuesday. JMP Securities dropped their price target on Rent the Runway from $12.00 to $6.00 and set a “market outperform” rating on the stock in a research note on Tuesday. Finally, Morgan Stanley reduced their price objective on shares of Rent the Runway from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Rent the Runway presently has an average rating of “Moderate Buy” and a consensus target price of $8.91.

Insider Buying and Selling at Rent the Runway

In related news, CEO Jennifer Hyman sold 9,383 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $4.56, for a total transaction of $42,786.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 17,744 shares of company stock worth $80,913. 10.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rent the Runway

Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in Rent the Runway by 15.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 7,333,333 shares of the company’s stock worth $22,513,000 after buying an additional 959,394 shares during the last quarter. FMR LLC raised its stake in shares of Rent the Runway by 1.7% in the 2nd quarter. FMR LLC now owns 1,633,048 shares of the company’s stock valued at $5,013,000 after acquiring an additional 27,471 shares in the last quarter. BlackRock Inc. raised its stake in shares of Rent the Runway by 9.3% in the 1st quarter. BlackRock Inc. now owns 1,080,159 shares of the company’s stock valued at $7,443,000 after acquiring an additional 92,172 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Rent the Runway by 9.9% in the 1st quarter. Vanguard Group Inc. now owns 922,194 shares of the company’s stock worth $6,354,000 after purchasing an additional 83,227 shares during the last quarter. Finally, State Street Corp boosted its position in Rent the Runway by 167.7% during the second quarter. State Street Corp now owns 785,024 shares of the company’s stock worth $2,410,000 after purchasing an additional 491,807 shares during the period. Institutional investors own 78.90% of the company’s stock.

Rent the Runway Company Profile

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Rent the Runway, Inc rents designer wear for women through its stores and online retail. The company offers ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods, evening wear, and kids wear, as well as accessories.

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Earnings History for Rent the Runway (NASDAQ:RENT)

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