Key Points
- Major shareholder Chs Us Investments LLC bought 458,245 Rent the Runway shares at an average price of $3.55, investing approximately $1.63 million and increasing its stake by 2.04% to 22.94 million shares.
- Rent the Runway opened at $2.30, with a market capitalization of about $77.7 million; the stock has traded between $1.51 and $10.13 over the past year.
- The company reported a quarterly loss of $0.38 per share on revenue of $97.7 million, while analysts maintain a broadly negative outlook with an average “Sell” rating.
Rent the Runway, Inc. (NASDAQ:RENT - Get Free Report) major shareholder Chs Us Investments Llc purchased 458,245 shares of the company's stock in a transaction dated Wednesday, October 21st. The shares were acquired at an average price of $3.55 per share, for a total transaction of $1,626,769.75. Following the purchase, the insider owned 22,937,292 shares in the company, valued at $81,427,386.60. The trade was a 2.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.
Rent the Runway Stock Performance
RENT opened at $2.30 on Friday. The company has a market cap of $77.67 million, a PE ratio of 0.18 and a beta of 1.24. The stock has a 50-day moving average of $2.51 and a 200-day moving average of $3.41. Rent the Runway, Inc. has a 52-week low of $1.51 and a 52-week high of $10.13.
Rent the Runway (NASDAQ:RENT - Get Free Report) last announced its earnings results on Friday, September 11th. The company reported ($0.38) EPS for the quarter. The company had revenue of $97.70 million for the quarter.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Rent the Runway in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat, the company has an average rating of "Sell".
View Our Latest Stock Analysis on RENT
Institutional Investors Weigh In On Rent the Runway
Several hedge funds have recently made changes to their positions in RENT. Technology Crossover Management VIII Ltd. bought a new position in Rent the Runway in the second quarter worth $622,065. Renaissance Technologies LLC lifted its holdings in shares of Rent the Runway by 133.7% during the 1st quarter. Renaissance Technologies LLC now owns 26,170 shares of the company's stock worth $125,000 after acquiring an additional 14,970 shares during the period. Finally, Abel Hall LLC lifted its holdings in shares of 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 during the period. Institutional investors own 73.10% of the company's stock.
About Rent the Runway
(
Get Free Report)
Rent the Runway, Inc is a fashion technology company that operates a shared designer clothing and accessories platform. Through its website and mobile application, the company enables customers to rent apparel, handbags, jewelry and other fashion items for special occasions or everyday use.
The company offers subscription-based access to rotating selections of designer merchandise, as well as one-time rental options. Its services are intended to provide consumers with flexible access to premium fashion without requiring them to purchase and permanently own each item.
Further Reading
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