197,481 Shares in Rent the Runway, Inc. $RENT Bought by Technology Crossover Management VIII Ltd.

Technology Crossover Management VIII Ltd. bought a new position in shares of Rent the Runway, Inc. (NASDAQ:RENT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 197,481 shares of the company’s stock, valued at approximately $622,065,000. Rent the Runway accounts for about 0.2% of Technology Crossover Management VIII Ltd.’s investment 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 quarter.

Several other hedge funds have also modified their holdings of RENT. Quinn Opportunity Partners LLC acquired a new position in shares of Rent the Runway in the 3rd quarter valued at $421,000. Two Sigma Investments LP purchased a new position in Rent the Runway in the 3rd quarter worth about $109,000. Geode Capital Management LLC raised its holdings 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 Rent the Runway during the 4th quarter worth about $218,000. Finally, Renaissance Technologies LLC purchased a new stake in Rent the Runway during the fourth quarter valued at about $89,000. 73.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Rent the Runway in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Insider Buying and Selling

In other Rent the Runway news, Director Dhiren R. Fonseca sold 34,516 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $2.99, for a total transaction of $103,202.84. Following the completion of the sale, the director directly owned 100,132 shares in the company, valued at approximately $299,394.68. This trade represents a 25.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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. Insiders own 0.37% of the company’s stock.

Rent the Runway Stock Up 3.1%

RENT opened at $3.64 on Tuesday. The stock has a fifty day moving average of $3.39 and a 200-day moving average of $4.46. The firm has a market capitalization of $122.27 million, a P/E ratio of 0.56 and a beta of 1.17. Rent the Runway, Inc. has a 12-month low of $2.88 and a 12-month high of $10.13.

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

Rent the Runway Profile

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.