Rent the Runway (NASDAQ:RENT) Director Sells $103,202.84 in Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Dhiren Fonseca sold 34,516 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $2.99, for a total transaction of $103,202.84. Following the completion of the transaction, the director 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Performance

NASDAQ RENT opened at $3.55 on Friday. The firm has a 50-day moving average of $3.42 and a 200-day moving average of $4.84. The stock has a market cap of $119.24 million, a PE ratio of 0.55 and a beta of 1.19. Rent the Runway, Inc. has a 52-week low of $2.88 and a 52-week high of $10.13.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.57) EPS for the quarter. The company had revenue of $89.90 million for the quarter.

Institutional Investors Weigh In On Rent the Runway

Institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in Rent the Runway by 1,044.4% in the 4th quarter. Geode Capital Management LLC now owns 284,372 shares of the company’s stock valued at $2,251,000 after buying an additional 259,522 shares during the period. Jane Street Group LLC bought a new stake in shares of Rent the Runway during the 4th quarter worth approximately $690,000. Quinn Opportunity Partners LLC acquired a new stake in shares of Rent the Runway during the 3rd quarter worth approximately $421,000. State Street Corp bought a new position in Rent the Runway in the fourth quarter valued at approximately $484,000. Finally, Goldman Sachs Group Inc. bought a new position in Rent the Runway in the fourth quarter valued at approximately $218,000. Institutional investors own 73.10% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Rent the Runway in a report on Wednesday, June 24th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock 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.