Rent The Runway shares are trading lower after the company reported worse-than-expected Q3 revenue results and FY23 revenue guidance below estimates. Also, Barclays lowered its price target from $3 to $2 on the stock.
Portfolio Pulse from Benzinga Newsdesk
Rent The Runway's stock price fell following the release of their Q3 revenue results, which were below expectations, and a reduced FY23 revenue guidance. Additionally, Barclays cut its price target for Rent The Runway from $3 to $2.
December 06, 2023 | 4:51 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Rent The Runway's shares declined due to poor Q3 revenue performance and a downward revision in FY23 revenue forecast. Barclays also reduced its price target for the company.
The negative impact on Rent The Runway's stock (RENT) is due to the company's reported earnings missing expectations and a lower future revenue guidance, which typically signals potential challenges ahead. The reduction in the price target by Barclays further suggests a bearish outlook on the stock, influencing investor sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100