Rent the Runway (NASDAQ:RENT) Director Sells $105,400.00 in Stock

Rent the Runway, Inc. (NASDAQ:RENT – Get Free Report) Director Dhiren Fonseca sold 62,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $1.70, for a total value of $105,400.00. Following the transaction, the director directly owned 13,000 shares in the company, valued at approximately $22,100. This trade represents a 82.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rent the Runway Stock Down 1.8%

RENT opened at $1.65 on Thursday. Rent the Runway, Inc. has a 12-month low of $1.53 and a 12-month high of $10.13. The business has a 50 day moving average of $3.08 and a 200-day moving average of $3.75. The stock has a market cap of $55.72 million, a price-to-earnings ratio of 0.13 and a beta of 1.18.

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Rent the Runway (NASDAQ:RENT – Get Free Report) last posted its earnings results on Friday, September 11th. The company reported ($0.38) earnings per share for the quarter. The company had revenue of $97.70 million during the quarter.

Hedge Funds Weigh In On Rent the Runway

An institutional investor recently bought a new stake in Rent the Runway stock. Technology Crossover Management VIII Ltd. acquired a new stake in Rent the Runway, Inc. (NASDAQ:RENT – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 197,481 shares of the company’s stock, valued at approximately $622,065. Rent the Runway accounts for about 0.0% of Technology Crossover Management VIII Ltd.’s investment portfolio, making the stock its 4th largest holding. Technology Crossover Management VIII Ltd. owned approximately 0.59% of Rent the Runway at the end of the most recent quarter. 73.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Rent the Runway in a report on Monday, September 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Check Out Our Latest Report on RENT

About Rent the Runway

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Rent the Runway, Inc is a fashion technology company that operates an online platform for renting designer apparel and accessories. Customers can access clothing, handbags, jewelry and other fashion items through subscription-based plans or individual rental orders, allowing them to wear products for specific occasions without purchasing them outright.

The company’s offerings include designer dresses, workwear, casual apparel, outerwear and accessories for women. Rent the Runway manages the rental process through its digital platform, including product selection, fulfillment, cleaning and returns.

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