Rent the Runway, Inc. (NASDAQ:RENT) Given Average Rating of “Moderate Buy” by Brokerages
Shares of Rent the Runway, Inc. (NASDAQ:RENT – Get Rating) have received an average recommendation of “Moderate Buy” from the eleven analysts that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $10.78.
A number of brokerages have weighed in on RENT. Wells Fargo & Company dropped their target price on shares of Rent the Runway from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, June 10th. The Goldman Sachs Group cut their price objective on Rent the Runway from $25.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 14th. JMP Securities decreased their target price on Rent the Runway from $18.00 to $12.00 and set a “market outperform” rating for the company in a research report on Friday, June 10th. Barclays cut their target price on Rent the Runway from $16.00 to $7.00 and set an “overweight” rating on the stock in a research note on Friday, June 10th. Finally, Piper Sandler initiated coverage on Rent the Runway in a report on Friday, July 22nd. They issued an “overweight” rating on the stock.
Hedge Funds Weigh In On Rent the Runway
A number of large investors have recently made changes to their positions in RENT. William Marsh Rice University purchased a new stake in shares of Rent the Runway during the first quarter valued at $4,244,000. Walleye Capital LLC purchased a new stake in shares of Rent the Runway during the fourth quarter valued at $865,000. Penserra Capital Management LLC purchased a new stake in shares of Rent the Runway during the fourth quarter valued at $6,864,000. KPCB XIV Associates LLC purchased a new stake in shares of Rent the Runway during the fourth quarter valued at $16,529,000. Finally, Northern Trust Corp purchased a new stake in Rent the Runway in the fourth quarter valued at $1,202,000. 69.83% of the stock is owned by institutional investors and hedge funds.
Rent the Runway Trading Up 2.9 %
Ad Investing Trends
Economic and National Security Threats Create Lithium Bonanza
The U.S. and China are fighting for new sources of lithium – the linchpin of clean energy. Lithium mining operations have been declared a national emergency. Biden has ordered America’s lithium supply chain to be strengthened and investors in lithium exploration companies are rejoicing. We may be entering a decades-long lithium bull run. You don’t want to miss it.
RENT traded up $0.13 on Monday, hitting $4.57. The company had a trading volume of 17,152 shares, compared to its average volume of 601,185. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 7.78. Rent the Runway has a 12-month low of $39.15 and a 12-month high of $84.23.
Rent the Runway (NASDAQ:RENT – Get Rating) last issued its quarterly earnings data on Thursday, June 9th. The company reported ($0.67) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.08. The business had revenue of $67.10 million for the quarter, compared to analysts’ expectations of $64.25 million. On average, sell-side analysts expect that Rent the Runway will post -2.65 earnings per share for the current fiscal year.
Rent the Runway Company Profile
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should you invest $1,000 in Rent the Runway right now?
Before you consider Rent the Runway, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Rent the Runway wasn’t on the list.
While Rent the Runway currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
