Rent the Runway (NASDAQ:RENT) Posts Earnings Results

Rent the Runway (NASDAQ:RENT) announced its earnings results on Friday. The company reported ($0.38) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $97.70 million during the quarter.

Rent the Runway Stock Down 6.3%

Shares of RENT opened at $2.82 on Friday. The stock’s 50-day moving average price is $3.48 and its 200 day moving average price is $4.10. Rent the Runway has a 12-month low of $2.60 and a 12-month high of $10.13. The firm has a market capitalization of $94.72 million, a price-to-earnings ratio of 0.43 and a beta of 1.18.

Insider Activity

In related news, Director Dhiren Fonseca sold 34,516 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $2.99, for a total value of $103,202.84. Following the completion of the transaction, the director directly owned 100,132 shares in the company, valued at approximately $299,394.68. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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. Corporate insiders own 0.37% of the company’s stock.

Institutional Trading of Rent the Runway

Several institutional investors have recently made changes to their positions in RENT. Technology Crossover Management VIII Ltd. bought a new position in Rent the Runway during the second quarter worth about $622,065. Millennium Management LLC bought a new position in shares of Rent the Runway during the 4th quarter worth approximately $117,000. Lazard Asset Management LLC bought a new stake in Rent the Runway in the fourth quarter valued at $174,000. State Street Corp acquired a new stake in shares of Rent the Runway in the 4th quarter valued at $484,000. Finally, Jane Street Group LLC acquired a new position in Rent the Runway in the fourth quarter valued at about $690,000. 73.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Rent the Runway in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Rent the Runway Company Profile

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.