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

Rent the Runway, Inc. (NASDAQ:RENT) major shareholder Chs Us Investments Llc acquired 458,245 shares of Rent the Runway stock in a transaction dated Wednesday, October 21st. The shares were bought at an average cost of $3.55 per share, with a total value of $1,626,769.75. Following the completion of the purchase, the insider owned 22,937,292 shares in the company, valued at approximately $81,427,386.60. This represents a 2.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Rent the Runway Stock Down 3.0%

Shares of NASDAQ RENT opened at $2.30 on Friday. The stock has a market capitalization of $77.67 million, a price-to-earnings ratio of 0.18 and a beta of 1.24. The stock’s fifty day simple moving average is $2.51 and its 200 day simple moving average is $3.41. Rent the Runway, Inc. has a 52-week low of $1.51 and a 52-week high of $10.13.

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

Analyst Ratings Changes

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, the company currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Rent the Runway

A number of hedge funds have recently modified their holdings of RENT. Abel Hall LLC increased its stake 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 worth $30,000 after acquiring an additional 7,425 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Rent the Runway by 133.7% during the first quarter. Renaissance Technologies LLC now owns 26,170 shares of the company’s stock worth $125,000 after acquiring an additional 14,970 shares in the last quarter. Finally, Technology Crossover Management VIII Ltd. acquired a new stake in Rent the Runway during the second quarter valued at $622,065. 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.