Rent the Runway (NASDAQ:RENT) Shares Cross Above 200 Day Moving Average of $10.83

Shares of Rent the Runway, Inc. (NASDAQ:RENT) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $10.83 and traded as high as $12.79. Rent the Runway shares last traded at $12.35, with a volume of 475,027 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and set a $15.00 price objective (down previously from $40.00) on shares of Rent the Runway in a research report on Wednesday, January 17th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $12.00 price objective on shares of Rent the Runway in a report on Tuesday, January 16th. The Goldman Sachs Group lowered their target price on Rent the Runway from $40.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Finally, JMP Securities lowered their target price on Rent the Runway from $40.00 to $20.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Rent the Runway presently has an average rating of “Hold” and an average target price of $31.88.

Rent the Runway Price Performance

The company has a 50-day moving average price of $8.57 and a 200 day moving average price of $10.83. The firm has a market capitalization of $43.47 million, a PE ratio of -0.37 and a beta of 0.82.

Insider Activity

In other news, CEO Jennifer Hyman sold 7,770 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $7.00, for a total value of $54,390.00. Following the transaction, the chief executive officer now directly owns 169,486 shares in the company, valued at $1,186,402. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 16,519 shares of company stock worth $131,156 over the last ninety days. Corporate insiders own 9.05% of the company’s stock.

Institutional Investors Weigh In On Rent the Runway

Hedge funds have recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of Rent the Runway in the first quarter worth about $75,000. Barclays PLC lifted its position in shares of Rent the Runway by 541.1% in the fourth quarter. Barclays PLC now owns 12,700 shares of the company’s stock worth $39,000 after buying an additional 10,719 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Rent the Runway in the first quarter worth about $40,000. Citigroup Inc. purchased a new stake in shares of Rent the Runway in the second quarter worth about $28,000. Finally, BNP Paribas Arbitrage SNC bought a new stake in Rent the Runway during the third quarter worth approximately $33,000. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

About Rent the Runway

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.