Insider Selling: Rent the Runway, Inc. (NASDAQ:RENT) Insider Sells 1,960 Shares of Stock

Rent the Runway, Inc. (NASDAQ:RENT) insider Sarah K. Tam sold 1,960 shares of Rent the Runway stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.55, for a total value of $16,758.00. Following the completion of the sale, the insider now owns 30,024 shares in the company, valued at approximately $256,705.20. The trade was a 6.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Rent the Runway Price Performance

Shares of RENT stock traded down $0.69 during trading on Wednesday, hitting $8.03. 71,314 shares of the stock traded hands, compared to its average volume of 430,594. The firm has a market capitalization of $31.17 million, a P/E ratio of -0.36 and a beta of 1.18. Rent the Runway, Inc. has a 52-week low of $4.46 and a 52-week high of $41.81. The firm’s fifty day moving average price is $9.97 and its 200-day moving average price is $12.98.

Rent the Runway (NASDAQ:RENT) last announced its quarterly earnings results on Monday, December 9th. The company reported ($4.94) EPS for the quarter, missing the consensus estimate of ($4.45) by ($0.49). During the same quarter last year, the business earned ($8.86) earnings per share. As a group, equities research analysts expect that Rent the Runway, Inc. will post -18.61 earnings per share for the current year.

Institutional Investors Weigh In On Rent the Runway

A number of institutional investors have recently made changes to their positions in RENT. Meeder Asset Management Inc. acquired a new position in shares of Rent the Runway in the 2nd quarter worth approximately $33,000. Point72 DIFC Ltd acquired a new position in Rent the Runway during the second quarter worth $70,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Rent the Runway during the second quarter worth $72,000. Summit Securities Group LLC acquired a new stake in shares of Rent the Runway in the second quarter valued at $86,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Rent the Runway in the 2nd quarter valued at $131,000. 73.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RENT has been the subject of a number of recent research reports. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Rent the Runway in a report on Tuesday, December 10th. Jefferies Financial Group dropped their target price on Rent the Runway from $34.00 to $26.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.20.

About Rent the Runway

Rent the Runway, Inc operates shared designer closet in the United States. The company offers evening wear and accessories, ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, and ski wear under subscription, rental, and resale offering.