Rent the Runway (NASDAQ:RENT) Director Nexus Capital Management Lp Buys 632,922 Shares of Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Nexus Capital Management Lp acquired 632,922 shares of the stock in a transaction that occurred on Wednesday, October 21st. The shares were bought at an average price of $3.55 per share, for a total transaction of $2,246,873.10. Following the purchase, the director directly owned 4,907,316 shares of the company’s stock, valued at approximately $17,420,971.80. This trade represents a 14.81% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Rent the Runway Trading Down 3.0%

NASDAQ:RENT traded down $0.07 during midday trading on Friday, hitting $2.30. 276,384 shares of the stock were exchanged, 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 company has a market capitalization of $77.67 million, a price-to-earnings ratio of 0.18 and a beta of 1.24. The business has a 50-day moving average price of $2.54 and a two-hundred day moving average price of $3.42.

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Rent the Runway

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Abel Hall LLC lifted its holdings in Rent the Runway by 70.2% in the 3rd quarter. Abel Hall LLC now owns 18,007 shares of the company’s stock valued at $30,000 after acquiring an additional 7,425 shares during the last quarter. Technology Crossover Management VIII Ltd. acquired a new position in shares of Rent the Runway in the 2nd quarter worth approximately $622,065. Finally, Renaissance Technologies LLC grew its stake 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 purchasing an additional 14,970 shares during the last quarter. 73.10% of the stock is owned by institutional investors and hedge funds.

Rent the Runway Company Profile

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.