Rent the Runway (NASDAQ:RENT) Lowered to “Hold” Rating by Citizens Jmp

Rent the Runway (NASDAQ:RENT) was downgraded by Citizens Jmp from a “strong-buy” rating to a “hold” rating in a 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 note on Tuesday.

Rent the Runway Stock Performance

RENT opened at $4.05 on Tuesday. The business’s 50-day simple moving average is $5.20 and its 200 day simple moving average is $7.87. The firm has a market capitalization of $15.72 million, a PE ratio of -0.18 and a beta of 1.33. Rent the Runway has a 52-week low of $3.70 and a 52-week high of $41.81.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings data on Tuesday, April 15th. The company reported ($3.44) EPS for the quarter, beating the consensus estimate of ($3.48) by $0.04. The company had revenue of $76.40 million during 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

Large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in Rent the Runway by 40.0% during the fourth quarter. Bank of America Corp DE now owns 23,755 shares of the company’s stock worth $202,000 after purchasing an additional 6,785 shares during the period. Connective Capital Management LLC bought a new stake in shares of Rent the Runway during the 4th quarter worth about $183,000. CastleKnight Management LP grew its stake in Rent the Runway by 51.7% in the 4th quarter. CastleKnight Management LP now owns 230,562 shares of the company’s stock valued at $1,960,000 after buying an additional 78,535 shares during the last quarter. Finally, GKV Capital Management Co. Inc. acquired a new position in Rent the Runway in the 4th quarter valued at about $33,000. Institutional investors own 73.10% 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.