Rent the Runway (NASDAQ:RENT) Stock: Insider Dhiren Fonseca Sells 62,000 Shares

Rent the Runway, Inc. (NASDAQ:RENT) Director Dhiren Fonseca sold 62,000 shares of Rent the Runway stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $1.70, for a total value of $105,400.00. Following the completion of the transaction, the director owned 13,000 shares of the company’s stock, valued at approximately $22,100. This trade represents a 82.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Rent the Runway Stock Down 3.6%

NASDAQ RENT traded down $0.06 during trading hours on Monday, hitting $1.61. 182,912 shares of the company were exchanged, compared to its average volume of 107,788. The company has a 50 day moving average of $3.17 and a two-hundred day moving average of $3.81. Rent the Runway, Inc. has a 52-week low of $1.53 and a 52-week high of $10.13. The firm has a market cap of $54.37 million, a price-to-earnings ratio of 0.13 and a beta of 1.18.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings data on Friday, September 11th. The company reported ($0.38) earnings per share (EPS) for the quarter. The firm had revenue of $97.70 million during the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Rent the Runway in a research note on Monday, September 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat, Rent the Runway currently has an average rating of “Sell”.

Institutional Trading of Rent the Runway

A hedge fund recently bought a new position in Rent the Runway stock. Technology Crossover Management VIII Ltd. acquired a new position in shares of Rent the Runway, Inc. (NASDAQ:RENT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 197,481 shares of the company’s stock, valued at approximately $622,065. Rent the Runway makes up approximately 0.0% of Technology Crossover Management VIII Ltd.’s investment portfolio, making the stock its 4th biggest position. Technology Crossover Management VIII Ltd. owned approximately 0.59% of Rent the Runway as of its most recent filing with the Securities & Exchange Commission. 73.10% of the stock is owned by institutional investors.

Rent the Runway Company Profile

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.