Rent the Runway (NASDAQ:RENT) Major Shareholder Acquires $1,626,769.75 in Stock

Key Points

• Major shareholder CHS US Investments purchased 458,245 Rent the Runway shares at an average price of $3.55, investing approximately $1.63 million and increasing its ownership by 2.04% to 22.94 million shares.
• Rent the Runway shares fell 3.0% to $2.30, with the stock trading well below its 50-day and 200-day moving averages and near the lower end of its $1.51–$10.13 one-year range.
• The company reported a quarterly loss of $0.38 per share on $97.70 million in revenue, while analyst sentiment remained negative with an average “Sell” rating; institutional investors own 73.10% of the stock.

Rent the Runway, Inc. (NASDAQ:RENT - Get Free Report) major shareholder Chs Us Investments Llc purchased 458,245 shares of the firm's stock in a transaction on Wednesday, October 21st. The shares were acquired at an average price of $3.55 per share, for a total transaction of $1,626,769.75. Following the purchase, the insider directly owned 22,937,292 shares of the company's stock, valued at approximately $81,427,386.60. This represents a 2.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Rent the Runway Stock Down 3.0%

Rent the Runway stock traded down $0.07 on Friday, hitting $2.30. The company's stock had a trading volume of 287,238 shares, compared to its average volume of 110,082. The firm has a market cap of $77.67 million, a P/E ratio of 0.18 and a beta of 1.24. The company has a fifty day moving average price of $2.54 and a 200-day moving average price of $3.42. Rent the Runway, Inc. has a one year low of $1.51 and a one year high of $10.13.

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

Analyst Ratings Changes

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

Institutional Trading of Rent the Runway

Several institutional investors have recently bought and sold shares of the stock. Abel Hall LLC grew its position in Rent the Runway by 70.2% in the third quarter. Abel Hall LLC now owns 18,007 shares of the company's stock valued at $30,000 after acquiring an additional 7,425 shares during the period. Technology Crossover Management VIII Ltd. acquired a new position in Rent the Runway during the second quarter worth $622,065. Finally, Renaissance Technologies LLC raised its stake in Rent the Runway by 133.7% during the first quarter. Renaissance Technologies LLC now owns 26,170 shares of the company's stock worth $125,000 after acquiring an additional 14,970 shares in the last quarter. 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.

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