Rent the Runway (NASDAQ:RENT) Director Buys 632,922 Shares of Stock

Key Points

• Director Nexus Capital Management bought 632,922 Rent the Runway shares at an average $3.55 each, investing approximately $2.25 million and increasing its position by 14.81% to 4.91 million shares.
• RENT shares traded at $2.30, with a market capitalization of approximately $77.7 million. The stock has ranged from $1.51 to $10.13 over the past year.
• The company reported a quarterly loss of $0.38 per share on $97.7 million in revenue, while analyst sentiment remains negative with a consensus “Sell” rating; institutional investors own 73.1% of the stock.

Rent the Runway, Inc. (NASDAQ:RENT - Get Free Report) Director Nexus Capital Management Lp bought 632,922 shares of the business's stock in a transaction on Wednesday, October 21st. The stock was bought at an average price of $3.55 per share, for a total transaction of $2,246,873.10. Following the completion of the purchase, the director directly owned 4,907,316 shares of the company's stock, valued at $17,420,971.80. The trade was a 14.81% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Rent the Runway Stock Performance

Shares of RENT traded down $0.07 during midday trading on Friday, hitting $2.30. 276,384 shares of the stock traded hands, compared to its average volume of 110,082. Rent the Runway, Inc. has a 1-year low of $1.51 and a 1-year high of $10.13. The firm has a market capitalization of $77.67 million, a PE ratio of 0.18 and a beta of 1.24. The business's 50 day moving average price is $2.54 and its two-hundred day moving average price is $3.42.

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

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (d)" rating on shares of Rent the Runway in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Sell".

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Abel Hall LLC grew its stake in shares of Rent the Runway by 70.2% in the third quarter. Abel Hall LLC now owns 18,007 shares of the company's stock worth $30,000 after purchasing an additional 7,425 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Rent the Runway by 133.7% during the first quarter. Renaissance Technologies LLC now owns 26,170 shares of the company's stock valued at $125,000 after purchasing an additional 14,970 shares in the last quarter. Finally, Technology Crossover Management VIII Ltd. acquired a new stake in Rent the Runway in the second quarter worth about $622,065. Institutional investors and hedge funds own 73.10% of the company's stock.

About Rent the Runway

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.