Rent the Runway, Inc. (NASDAQ:RENT - Get Free Report) Director Dhiren Fonseca sold 34,516 shares of Rent the Runway stock in a transaction on Friday, July 24th. The shares were sold at an average price of $2.99, for a total value of $103,202.84. Following the sale, the director directly owned 100,132 shares of the company's stock, valued at $299,394.68. This represents a 25.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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.
Rent the Runway Stock Up 11.0%
Shares of NASDAQ RENT opened at $3.53 on Wednesday. The firm has a market capitalization of $118.56 million, a P/E ratio of 0.54 and a beta of 1.19. The stock's 50-day simple moving average is $3.42 and its two-hundred day simple moving average is $4.91. Rent the Runway, Inc. has a twelve month low of $2.88 and a twelve month high of $10.13.
Rent the Runway (NASDAQ:RENT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.57) earnings per share (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 research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of "Sell".
Check Out Our Latest Report on RENT
Hedge Funds Weigh In On Rent the Runway
Large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP bought a new stake in Rent the Runway in the fourth quarter worth $84,000. Virtu Financial LLC purchased a new stake in Rent the Runway during the fourth quarter valued at about $88,000. Renaissance Technologies LLC bought a new position in shares of Rent the Runway during the fourth quarter valued at about $89,000. OMERS ADMINISTRATION Corp bought a new position in shares of Rent the Runway during the fourth quarter valued at about $92,000. Finally, Two Sigma Investments LP purchased a new position in shares of Rent the Runway in the third quarter worth about $109,000. Hedge funds and other institutional investors own 73.10% of the company's stock.
Rent the Runway Company Profile
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Get Free Report)
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.
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