Rent the Runway (NASDAQ:RENT) Director Dhiren Fonseca Sells 13,000 Shares of Company Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Dhiren Fonseca sold 13,000 shares of Rent the Runway stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $1.70, for a total value of $22,100.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Rent the Runway Trading Down 3.6%

NASDAQ RENT traded down $0.06 on Monday, hitting $1.61. 182,912 shares of the company’s stock traded hands, compared to its average volume of 107,788. The firm has a market capitalization of $54.37 million, a PE ratio of 0.13 and a beta of 1.18. The firm’s 50-day moving average price is $3.17 and its two-hundred day moving average price is $3.81. Rent the Runway, Inc. has a 1-year low of $1.53 and a 1-year high of $10.13.

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

Institutional Investors Weigh In On Rent the Runway

A hedge fund recently bought a new position in Rent the Runway stock. Technology Crossover Management VIII Ltd. purchased a new position in shares of Rent the Runway, Inc. (NASDAQ:RENT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 197,481 shares of the company’s stock, valued at approximately $622,065. Rent the Runway comprises about 0.0% of Technology Crossover Management VIII Ltd.’s holdings, making the stock its 4th largest holding. Technology Crossover Management VIII Ltd. owned approximately 0.59% of Rent the Runway as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 73.10% of the company’s stock.

Analysts Set New Price Targets

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

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.