Rent The Runway Shares Traded Down Today: What Happened?

Rent the Runway, Inc. RENT shares traded lower Thursday after the company posted first-quarter financial results.

What To Know: The company beat the analyst consensus estimate for a loss of 49 cents with quarterly losses of 46 cents per share, representing a 31.34% improvement over losses of 67 cents per share from the same quarter last year.

Quarterly sales came in at $74.2 million versus the analyst consensus estimate of $73.19 million, a 10.58% increase over sales of $67.1 million from the same quarter last year.

"I'm proud of the momentum we're continuing to drive across the business, and of our Q1 2023 financial results, where we beat on the top and bottom line," said Jennifer Hyman, CEO and Co-Founder of Rent the Runway.

"Given our financial transformation over the past several years, we believe we are in a strong position to invest the majority of resources into our strategy of improving the customer experience."

Following the print, several analysts adjusted price targets on the stock, ranging from $3.50 to $6.

Related Link: Why Shares Of Designer Brands Are Trading Higher

RENT Price Action: Shares of RENT closed Thursday down 12.7 at $2.45 at the time of publication, according to Benzinga Pro.

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