Traders piled into shares of Rent the Runway Thursday, sending the shares up by more than 220% after the apparel rental firm said it was betting on artificial intelligence tools to power its growth in the current year.
More than 34 million shares had changed hands, far surpassing the usual calm trading in a stock that coming into Thursday only had a market value of $26.27 million.
The company has forecast revenue to grow between 1% and 6% in the current fiscal year, compared with a 0.6% rise in 2023, and expects breakeven free cash flow. Shares of the company were last up 138.7% at $17.82, giving it a market capitalization of about $63.3 million.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rent the Runway: RENT surges 150% as NASAQ recoups from CPI slideRent the Runway (RENT) stock has soared above 150% on Thursday as the down-on-its-luck ecommerce play renewed market interest with a game-changing outlook for the present year.
Read more »
Runway closed after corporate jet goes off runwayShayna Feinman’s family is desperate for answer after the woman went missing more than two weeks ago.
Read more »
Dogecoin Price Suddenly Jumps 8%: April DOGE Rally Imminent?Dogecoin surges by 8%, sparking speculation of imminent April rally amid regulatory nods toward mainstream acceptance
Read more »
Shibarium Major Metric Keeps Moving in Deep DeclineThis metric of the Layer-2 blockchain continues to show low performance with occasional surges
Read more »
US monthly inflation slows; consumer spending surgesUS monthly inflation slows; consumer spending surges
Read more »
Solana Founder Breaks Silence on Meme Coins Amid Dogwifhat (WIF) SuccessAs Dogwifhat price surges, Solana founder's take on meme coins sparks debate
Read more »