Rent the Runway (NASDAQ:RENT) Share Price Breaks Below Fifty Day Moving Average – Time to Sell?

Rent the Runway, Inc. (NASDAQ:RENT)’s share price passed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $2.22 and traded as low as $2.11. Rent the Runway shares last traded at $2.20, with a volume of 99,651 shares.

Analysts Set New Price Targets

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. Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Rent the Runway Price Performance

The company has a market cap of $74.29 million, a P/E ratio of 0.17 and a beta of 1.15. The company has a 50 day moving average of $2.22 and a 200-day moving average of $3.91.

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

Insider Buying and Selling at Rent the Runway

In other Rent the Runway news, major shareholder Chs Us Investments Llc acquired 458,245 shares of the business’s stock in a transaction dated Wednesday, October 21st. The stock was bought at an average price of $3.55 per share, with a total value of $1,626,769.75. Following the completion of the acquisition, the insider owned 22,937,292 shares of the company’s stock, valued at $81,427,386.60. This trade represents a 2.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Dhiren R. Fonseca sold 62,000 shares of the company’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 transaction of $105,400.00. Following the completion of the transaction, the director owned 13,000 shares in the company, valued at approximately $22,100. This trade represents a 82.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,132 shares of company stock valued at $176,256 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Rent the Runway

Hedge funds have recently bought and sold shares of the stock. Technology Crossover Management VIII Ltd. purchased a new position in Rent the Runway in the 2nd quarter worth approximately $622,065. Renaissance Technologies LLC increased its holdings in shares of Rent the Runway by 133.7% in the 1st quarter. Renaissance Technologies LLC now owns 26,170 shares of the company’s stock worth $125,000 after buying an additional 14,970 shares during the last quarter. Finally, Abel Hall LLC increased its holdings in shares of Rent the Runway by 70.2% in the 3rd quarter. Abel Hall LLC now owns 18,007 shares of the company’s stock worth $30,000 after buying an additional 7,425 shares during the last quarter. 73.10% of the stock is currently owned by institutional investors.

About Rent the Runway

Rent the Runway, Inc. is a fashion technology company that operates an online platform for renting designer apparel and accessories. The company enables customers to access clothing for special occasions, everyday wear and seasonal needs without purchasing each item outright. Its offerings include subscription-based rental plans and one-time rentals of dresses, clothing, handbags, accessories and other fashion products from a range of designer brands. Rent the Runway also supports the resale of select pre-owned items through its platform, extending the lifecycle of products in its assortment.