Rent the Runway, Inc. (NASDAQ:RENT) Short Interest Down 18.5% in September

by · The Markets Daily

Rent the Runway, Inc. (NASDAQ:RENT – Get Free Report) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 220,200 shares, a decline of 18.5% from the September 15th total of 270,200 shares. Currently, 12.2% of the company’s stock are sold short. Based on an average daily volume of 80,400 shares, the days-to-cover ratio is presently 2.7 days.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group cut their target price on shares of Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rent the Runway currently has an average rating of “Moderate Buy” and a consensus target price of $25.86.

Read Our Latest Stock Analysis on Rent the Runway

Insider Buying and Selling at Rent the Runway

In related news, CEO Jennifer Hyman sold 6,127 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 value of $61,270.00. Following the transaction, the chief executive officer now owns 148,088 shares in the company, valued at approximately $1,480,880. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 18,187 shares of company stock worth $195,670 over the last 90 days. 6.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rent the Runway

A number of institutional investors have recently bought and sold shares of RENT. Nisa Investment Advisors LLC bought a new stake in shares of Rent the Runway in the 2nd quarter valued at approximately $308,000. Summit Securities Group LLC bought a new position in shares of Rent the Runway during the second quarter valued at $86,000. Meeder Asset Management Inc. acquired a new stake in shares of Rent the Runway in the 2nd quarter valued at $33,000. XTX Topco Ltd bought a new stake in shares of Rent the Runway in the 2nd quarter worth about $293,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Rent the Runway during the 2nd quarter worth about $70,000. Institutional investors and hedge funds own 73.10% of the company’s stock.

Rent the Runway Stock Down 0.5 %

Rent the Runway stock traded down $0.05 during mid-day trading on Tuesday, reaching $9.71. The company had a trading volume of 28,301 shares, compared to its average volume of 509,471. The company has a 50 day moving average of $10.95 and a 200-day moving average of $15.18. Rent the Runway has a 52 week low of $4.46 and a 52 week high of $41.81. The firm has a market cap of $35.66 million, a price-to-earnings ratio of -0.32 and a beta of 1.04.

Rent the Runway (NASDAQ:RENT – Get Free Report) last released 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 firm had revenue of $78.90 million for the quarter, compared to analyst estimates of $76.60 million. During the same period last year, the business earned ($8.00) earnings per share. On average, analysts predict that Rent the Runway will post -19.08 earnings per share for the current fiscal year.

About Rent the Runway

(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.

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