Rent the runway shares out of fashion after quarterly report

Reuters12-09

Dec 9 (Reuters) - ** Shares in Rent the runway down ~20%, on track for biggest daily pct drop since Sept. 6 on Monday, after quarterly results, current quarter rev forecast range with low-end below year-ago quarter

** RENT, which rents out designer clothes, forecast Q4 adj EBITDA of between $16.1 mln and $20.1 mln up from $11.2 mln a year-ago on rev between $74.4 mln and $80.3 mln, which would compare with $75.80 in year-ago qtr

** RENT, for which LSEG lists just two analyst ratings, reported fiscal a Q3 adj loss/shr of $4.94, narrower than mean analyst est. for loss/shr of $4.99, its rev of $75.90 mln missed mean est. of $76.05 mln

** RENT set a fiscal 2024 target for rev growth of 2%-4% and EBITDA margin of 15%-16%

** RENT last traded at $10.25 vs median PT of $33, according to LSEG

** According to LSEG data, 7.2% of RENT's float were sold short as of Nov. 15

** YTD shares in RENT down 3%

(Reporting By Sinéad Carew)

((sinead.carew@thomsonreuters.com; +13322191897;))

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