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.
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