Citizens Jmp Downgrades Rent the Runway (NASDAQ:RENT) to Hold

Rent the Runway (NASDAQ:RENT) was downgraded by investment analysts at Citizens Jmp from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Separately, Citigroup lowered shares of Rent the Runway to a “market perform” rating in a research report on Tuesday.

Rent the Runway Stock Performance

Rent the Runway stock opened at $4.05 on Tuesday. Rent the Runway has a 52 week low of $3.70 and a 52 week high of $41.81. The stock has a market capitalization of $15.72 million, a P/E ratio of -0.18 and a beta of 1.33. The stock has a fifty day moving average of $5.20 and a 200-day moving average of $7.87.

Rent the Runway (NASDAQ:RENT) last issued its earnings results on Tuesday, April 15th. The company reported ($3.44) EPS for the quarter, topping the consensus estimate of ($3.48) by $0.04. The business had revenue of $76.40 million for the quarter, compared to analyst estimates of $77.60 million. On average, research analysts forecast that Rent the Runway will post -18.61 earnings per share for the current year.

Institutional Investors Weigh In On Rent the Runway

Several hedge funds have recently added to or reduced their stakes in RENT. GKV Capital Management Co. Inc. acquired a new position in shares of Rent the Runway during the fourth quarter worth $33,000. Bank of America Corp DE increased its holdings in Rent the Runway by 40.0% in the fourth quarter. Bank of America Corp DE now owns 23,755 shares of the company’s stock valued at $202,000 after purchasing an additional 6,785 shares during the period. Connective Capital Management LLC bought a new position in Rent the Runway during the 4th quarter worth $183,000. Finally, CastleKnight Management LP lifted its holdings in Rent the Runway by 51.7% during the 4th quarter. CastleKnight Management LP now owns 230,562 shares of the company’s stock worth $1,960,000 after buying an additional 78,535 shares during the period. 73.10% of the stock is currently owned by institutional investors and hedge funds.

Rent the Runway Company Profile

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.