Rent the Runway (NASDAQ:RENT) Stock: Insider Chs Us Investments Llc Buys 458,245 Shares

Rent the Runway, Inc. (NASDAQ:RENT) major shareholder Chs Us Investments Llc bought 458,245 shares of the company’s stock in a transaction that occurred on Wednesday, October 21st. The shares were purchased at an average price of $3.55 per share, with a total value of $1,626,769.75. Following the transaction, the insider directly owned 22,937,292 shares in the company, valued at $81,427,386.60. This represents a 2.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Rent the Runway Trading Down 3.0%

RENT stock traded down $0.07 during trading on Friday, hitting $2.30. 287,238 shares of the stock traded hands, compared to its average volume of 110,082. Rent the Runway, Inc. has a one year low of $1.51 and a one year high of $10.13. The stock has a market cap of $77.67 million, a price-to-earnings ratio of 0.18 and a beta of 1.24. The company has a 50 day simple moving average of $2.54 and a 200 day simple moving average of $3.42.

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

Institutional Trading of Rent the Runway

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Abel Hall LLC raised its holdings in shares of Rent the Runway by 70.2% in the third quarter. Abel Hall LLC now owns 18,007 shares of the company’s stock valued at $30,000 after buying an additional 7,425 shares during the last quarter. Renaissance Technologies LLC lifted its position in Rent the Runway by 133.7% during 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 in the last quarter. Finally, Technology Crossover Management VIII Ltd. acquired a new position in Rent the Runway during the 2nd quarter worth about $622,065. 73.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

About Rent the Runway

Rent the Runway, Inc is a fashion technology company that operates a shared designer clothing and accessories platform. Through its website and mobile application, the company enables customers to rent apparel, handbags, jewelry and other fashion items for special occasions or everyday use.

The company offers subscription-based access to rotating selections of designer merchandise, as well as one-time rental options. Its services are intended to provide consumers with flexible access to premium fashion without requiring them to purchase and permanently own each item.