Rent the Runway Eyes Record Jump as Earnings Spark Revival Hope [BNN Bloomberg (Canada)]
Rent the Runway, Inc. - Class A (RENT)
Company Research
Source: BNN Bloomberg
The stock surged as much as 226% in intraday trading Thursday after the company reported fourth-quarter revenue and adjusted earnings that beat Wall Street expectations. “Execution will be key among all this, but we think the business model has legs,” Bloomberg Intelligence analyst Poonam Goyal said. Goyal added that return to work and new offerings for everyday wear in addition to party and formal attire should help the company maintain subscribers over time. The quarterly report was a breath of fresh air for the company after investors had mostly given up on it. Rent the Runway has been under pressure since the Covid-19 pandemic and working from home shifted consumer fashion trends. Even as workers returned to the office, Rent the Runway struggled to keep subscribers due to a mismatch in inventory. It reported a 35% decrease in churn from users who primarily cited inventory as a reason for not returning, according to JMP Securities analysts led by Andrew Boone in a Thursday
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News
- What Rent the Runway's 360% stock surge reveals about the future of AI in fashion [Yahoo! Finance]Yahoo! Finance
- What Rent the Runway's 360% stock surge reveals about the future of AI in fashion [Fortune]Fortune
- From rags to riches, Rent the Runway goes from penny stock to quadrupling share prices in days after doubling down on AI [Yahoo! Finance]Yahoo! Finance
- From rags to riches, Rent the Runway goes from penny stock to quadrupling share prices in days after doubling down on AI [Fortune]Fortune
- Rent the Runway Stock Surge Shows Investors' Penchant for AI [Yahoo! Finance]Yahoo! Finance
RENT
Earnings
- 4/10/24 - Miss
RENT
Sec Filings
- 4/18/24 - Form 144/A
- 4/12/24 - Form 144
- 4/12/24 - Form 144
- RENT's page on the SEC website