Insider Selling: Rent the Runway (NASDAQ:RENT) Director Sells $22,100.00 in Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Dhiren Fonseca sold 13,000 shares of the business’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $1.70, for a total value of $22,100.00. Following the completion of the sale, the director directly owned 13,000 shares of the company’s stock, valued at approximately $22,100. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Rent the Runway Trading Down 1.8%

Shares of RENT opened at $1.65 on Thursday. The firm has a market cap of $55.72 million, a price-to-earnings ratio of 0.13 and a beta of 1.18. The stock has a 50 day moving average of $3.08 and a 200-day moving average of $3.75. Rent the Runway, Inc. has a 52 week low of $1.53 and a 52 week high of $10.13.

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Rent the Runway in a research report on Monday, September 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Rent the Runway stock. Technology Crossover Management VIII Ltd. purchased a new stake in shares of Rent the Runway, Inc. (NASDAQ:RENT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 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 holdings, making the stock its 4th largest holding. Technology Crossover Management VIII Ltd. owned 0.59% of Rent the Runway as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 73.10% of the company’s stock.

About Rent the Runway

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.