Dhiren Fonseca Sells 34,516 Shares of Rent the Runway (NASDAQ:RENT) Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Dhiren Fonseca sold 34,516 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $2.99, for a total value of $103,202.84. Following the transaction, the director directly owned 100,132 shares in the company, valued at $299,394.68. The trade was a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rent the Runway Trading Up 4.8%

RENT opened at $3.70 on Thursday. Rent the Runway, Inc. has a 1-year low of $2.88 and a 1-year high of $10.13. The stock’s fifty day simple moving average is $3.42 and its 200 day simple moving average is $4.88. The stock has a market cap of $124.28 million, a PE ratio of 0.57 and a beta of 1.19.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.57) earnings per share (EPS) for the quarter. The business had revenue of $89.90 million during the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Rent the Runway in a report on Wednesday, June 24th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Rent the Runway has a consensus rating of “Sell”.

Hedge Funds Weigh In On Rent the Runway

A number of large investors have recently made changes to their positions in RENT. Quinn Opportunity Partners LLC acquired a new stake in Rent the Runway during the 3rd quarter worth approximately $421,000. Two Sigma Investments LP bought a new position in Rent the Runway during the 3rd quarter worth $109,000. Geode Capital Management LLC increased its position in Rent the Runway by 1,044.4% during the 4th quarter. Geode Capital Management LLC now owns 284,372 shares of the company’s stock worth $2,251,000 after buying an additional 259,522 shares during the period. Goldman Sachs Group Inc. acquired a new stake in shares of Rent the Runway during the fourth quarter worth $218,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Rent the Runway in the fourth quarter valued at about $89,000. Institutional investors own 73.10% of the company’s stock.

About Rent the Runway

Rent the Runway (NASDAQ: RENT) operates an online marketplace and subscription service that provides designer apparel and accessory rentals to consumers. The company offers both one-time rentals and tiered subscription plans, enabling members to borrow items on a recurring basis rather than purchasing them outright. Rent the Runway’s inventory spans a wide range of brands and styles, including evening gowns, everyday wear, handbags and jewelry, positioning the company within the broader sharing-economy and circular-fashion movements.

Founded in 2009 by Jennifer Hyman and Jennifer Fleiss, Rent the Runway was built on the premise of making high-end fashion more accessible and sustainable.