Short Interest in Rent the Runway, Inc. (NASDAQ:RENT) Rises By 78.1%

Rent the Runway, Inc. (NASDAQ:RENT) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 627,700 shares, a growth of 78.1% from the March 31st total of 352,500 shares. Based on an average trading volume of 1,270,000 shares, the short-interest ratio is currently 0.5 days. Approximately 41.9% of the company’s stock are short sold.

Rent the Runway Price Performance

Shares of RENT stock traded down $0.54 during midday trading on Friday, hitting $11.00. The company had a trading volume of 101,085 shares, compared to its average volume of 4,082,655. The company’s 50 day simple moving average is $8.72 and its 200 day simple moving average is $10.72. Rent the Runway has a 52-week low of $4.46 and a 52-week high of $58.00. The stock has a market cap of $40.39 million, a price-to-earnings ratio of -0.33 and a beta of 0.82.

Insider Transactions at Rent the Runway

In other news, CEO Jennifer Hyman sold 3,668 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $9.80, for a total transaction of $35,946.40. Following the sale, the chief executive officer now owns 132,256 shares of the company’s stock, valued at approximately $1,296,108.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have sold 16,519 shares of company stock valued at $131,156. Corporate insiders own 9.05% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CastleKnight Management LP grew its stake in shares of Rent the Runway by 304.9% in the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after purchasing an additional 411,000 shares during the last quarter. Breed s Hill Capital LLC acquired a new stake in shares of Rent the Runway in the 4th quarter valued at approximately $53,000. Russell Investments Group Ltd. acquired a new stake in shares of Rent the Runway in the 4th quarter valued at approximately $1,568,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Rent the Runway in the 3rd quarter valued at approximately $66,000. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Rent the Runway in the 3rd quarter valued at approximately $46,000. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.