Rent the Runway (NASDAQ:RENT) Share Price Crosses Below Fifty Day Moving Average – Here’s What Happened

Rent the Runway, Inc. (NASDAQ:RENT) shares passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $2.22 and traded as low as $2.11. Rent the Runway shares last traded at $2.20, with a volume of 99,651 shares.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Rent the Runway in a report on Monday, September 21st. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Rent the Runway Price Performance

The firm has a market capitalization of $82.06 million, a price-to-earnings ratio of 0.19 and a beta of 1.15. The firm has a 50 day moving average price of $2.16 and a 200-day moving average price of $3.86.

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

Insider Activity

In other news, major shareholder Chs Us Investments Llc bought 458,245 shares of the business’s stock in a transaction that occurred on Wednesday, October 21st. The shares were purchased at an average cost of $3.55 per share, for a total transaction of $1,626,769.75. Following the completion of the purchase, the insider owned 22,937,292 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dhiren R. Fonseca sold 62,000 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $1.70, for a total transaction of $105,400.00. Following the sale, the director owned 13,000 shares in the company, valued at $22,100. The trade was a 82.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 100,132 shares of company stock worth $176,256. 0.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Abel Hall LLC grew its holdings in Rent the Runway by 70.2% during the 3rd quarter. Abel Hall LLC now owns 18,007 shares of the company’s stock worth $30,000 after acquiring an additional 7,425 shares in the last quarter. Renaissance Technologies LLC raised its holdings 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 valued at $125,000 after purchasing an additional 14,970 shares in the last quarter. Finally, Technology Crossover Management VIII Ltd. acquired a new stake in shares of Rent the Runway in the 2nd quarter valued at $622,065. 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. The company enables customers to access clothing for special occasions, everyday wear and seasonal needs without purchasing each item outright. Its offerings include subscription-based rental plans and one-time rentals of dresses, clothing, handbags, accessories and other fashion products from a range of designer brands. Rent the Runway also supports the resale of select pre-owned items through its platform, extending the lifecycle of products in its assortment.