Rent the Runway (NASDAQ:RENT) Director Dhiren Fonseca Sells 34,516 Shares of Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Dhiren Fonseca sold 34,516 shares of Rent the Runway stock in a transaction dated Friday, July 24th. The stock was 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 of the company’s stock, valued at $299,394.68. The trade was a 25.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.

Rent the Runway Stock Up 11.0%

NASDAQ RENT opened at $3.53 on Wednesday. The company’s 50 day moving average is $3.42 and its 200-day moving average is $4.91. Rent the Runway, Inc. has a 12-month low of $2.88 and a 12-month high of $10.13. The firm has a market cap of $118.56 million, a P/E ratio of 0.54 and a beta of 1.19.

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

Several hedge funds and other institutional investors have recently modified their holdings of RENT. Jane Street Group LLC purchased a new stake in shares of Rent the Runway in the fourth quarter worth about $690,000. State Street Corp bought a new stake in Rent the Runway during the 4th quarter worth approximately $484,000. Quinn Opportunity Partners LLC bought a new stake in Rent the Runway during the 3rd quarter worth approximately $421,000. Goldman Sachs Group Inc. purchased a new stake in Rent the Runway in the 4th quarter worth approximately $218,000. Finally, Lazard Asset Management LLC purchased a new stake in Rent the Runway in the 4th quarter worth approximately $174,000. 73.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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 company presently 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.