Technology Crossover Management VIII Ltd. Purchases Shares of 197,481 Rent the Runway, Inc. $RENT

Technology Crossover Management VIII Ltd. bought a new stake in Rent the Runway, Inc. (NASDAQ:RENT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 197,481 shares of the company’s stock, valued at approximately $622,065. Rent the Runway makes up 0.0% of Technology Crossover Management VIII Ltd.’s portfolio, making the stock its 4th largest holding. Technology Crossover Management VIII Ltd. owned about 0.59% of Rent the Runway as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Marshall Wace LLP purchased a new position in Rent the Runway in the fourth quarter worth $84,000. Virtu Financial LLC purchased a new position in Rent the Runway during the 4th quarter valued at approximately $88,000. Renaissance Technologies LLC bought a new stake in shares of Rent the Runway during the fourth quarter valued at approximately $89,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Rent the Runway during the fourth quarter worth about $92,000. Finally, Two Sigma Investments LP purchased a new stake in Rent the Runway during the third quarter worth $109,000. 73.10% of the stock is owned by institutional investors.

Insider Transactions at Rent the Runway

In other Rent the Runway news, Director Dhiren R. Fonseca sold 34,516 shares of the stock in a transaction dated Friday, July 24th. The shares were 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 of the company’s stock, valued at approximately $299,394.68. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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. 0.37% of the stock is currently owned by insiders.

Rent the Runway Stock Up 0.3%

RENT traded up $0.01 during trading on Friday, hitting $3.62. The company had a trading volume of 21,709 shares, compared to its average volume of 87,095. Rent the Runway, Inc. has a one year low of $2.88 and a one year high of $10.13. The company has a market capitalization of $121.58 million, a PE ratio of 0.56 and a beta of 1.18. The firm’s 50-day moving average price is $3.43 and its 200 day moving average price is $4.29.

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.

Analysts Set New Price Targets

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

Rent the Runway Company 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.