Rent the Runway (NASDAQ:RENT) Announces Earnings Results

Rent the Runway (NASDAQ:RENT) posted its quarterly earnings data on Thursday. The company reported ($4.17) earnings per share for the quarter, topping the consensus estimate of ($5.86) by $1.69, Yahoo Finance reports. The business had revenue of $78.90 million during the quarter, compared to the consensus estimate of $76.60 million. During the same period last year, the business posted ($8.00) earnings per share. Rent the Runway updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Rent the Runway Trading Down 27.7 %

Shares of Rent the Runway stock opened at $10.90 on Friday. The company has a market capitalization of $40.02 million, a P/E ratio of -0.36 and a beta of 1.08. The stock has a fifty day simple moving average of $14.05 and a 200 day simple moving average of $14.68. Rent the Runway has a 12-month low of $4.46 and a 12-month high of $41.81.

Wall Street Analyst Weigh In

Several research firms recently commented on RENT. JMP Securities raised their target price on Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Friday, June 7th. Jefferies Financial Group dropped their price target on Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $25.13.

Insider Buying and Selling at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 4,544 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $11.96, for a total value of $54,346.24. Following the transaction, the chief executive officer now owns 154,215 shares of the company’s stock, valued at $1,844,411.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 7,040 shares of company stock worth $84,200. Corporate insiders own 6.60% of the company’s stock.

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.