Insider Selling: Rent the Runway (NASDAQ:RENT) Director Sells $48,756.08 in Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Dhiren Fonseca sold 25,132 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $1.94, for a total value of $48,756.08. Following the sale, the director owned 75,000 shares in the company, valued at approximately $145,500. This trade represents a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Rent the Runway Stock Performance

Shares of RENT opened at $1.86 on Friday. The stock has a fifty day moving average price of $3.32 and a two-hundred day moving average price of $3.94. Rent the Runway, Inc. has a 52-week low of $1.72 and a 52-week high of $10.13. The company has a market cap of $62.48 million, a price-to-earnings ratio of 0.15 and a beta of 1.18.

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Rent the Runway stock. Technology Crossover Management VIII Ltd. bought a new stake in shares of Rent the Runway, Inc. (NASDAQ:RENT) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 197,481 shares of the company’s stock, valued at approximately $622,065. Rent the Runway comprises approximately 0.0% of Technology Crossover Management VIII Ltd.’s 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 reporting period. 73.10% of the stock is owned by hedge funds and other 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.