The Goldman Sachs Group Trims Rent the Runway (NASDAQ:RENT) Target Price to $28.00

Rent the Runway (NASDAQ:RENTFree Report) had its target price cut by The Goldman Sachs Group from $40.00 to $28.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on RENT. Piper Sandler restated a neutral rating and set a $15.00 price objective (down from $40.00) on shares of Rent the Runway in a research note on Wednesday, January 17th. JMP Securities lowered their price target on Rent the Runway from $40.00 to $20.00 and set a market outperform rating for the company in a research note on Thursday. Finally, Wells Fargo & Company reiterated an equal weight rating and set a $12.00 price target on shares of Rent the Runway in a report on Tuesday, January 16th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Rent the Runway presently has a consensus rating of Hold and an average price target of $31.88.

View Our Latest Research Report on Rent the Runway

Rent the Runway Stock Performance

NASDAQ:RENT opened at $19.23 on Friday. The company has a market capitalization of $67.61 million, a price-to-earnings ratio of -0.58 and a beta of 0.82. The stock has a 50-day simple moving average of $8.35 and a 200 day simple moving average of $10.83. Rent the Runway has a one year low of $4.46 and a one year high of $69.20.

Insider Activity

In other news, CEO Jennifer Hyman sold 7,770 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $7.00, for a total value of $54,390.00. Following the completion of the transaction, the chief executive officer now directly owns 169,486 shares of the company’s stock, valued at $1,186,402. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 16,519 shares of company stock valued at $131,156 in the last ninety days. 9.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rent the Runway

A number of large investors have recently added to or reduced their stakes in RENT. Citigroup Inc. bought a new position in Rent the Runway in the 2nd quarter valued at approximately $28,000. BNP Paribas Arbitrage SNC bought a new position in shares of Rent the Runway during the 3rd quarter valued at about $33,000. Barclays PLC lifted its holdings in shares of Rent the Runway by 720.3% in the 4th quarter. Barclays PLC now owns 68,601 shares of the company’s stock valued at $36,000 after acquiring an additional 60,238 shares during the last quarter. LM Advisors LLC bought a new stake in Rent the Runway in the fourth quarter worth about $37,000. Finally, Commonwealth Equity Services LLC lifted its stake in Rent the Runway by 119.2% in the third quarter. Commonwealth Equity Services LLC now owns 55,250 shares of the company’s stock worth $38,000 after purchasing an additional 30,050 shares during the last quarter. Hedge funds and other institutional investors own 73.10% of the company’s stock.

About Rent the Runway

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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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