Insider Selling: Rent the Runway, Inc. (NASDAQ:RENT) COO Sells $20,798.16 in Stock

Rent the Runway, Inc. (NASDAQ:RENT – Get Rating) COO Anushka Salinas sold 4,561 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $4.56, for a total value of $20,798.16. Following the completion of the sale, the chief operating officer now directly owns 570,944 shares in the company, valued at $2,603,504.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rent the Runway Price Performance

RENT stock opened at $4.69 on Friday. Rent the Runway, Inc. has a twelve month low of $2.99 and a twelve month high of $24.77. The business’s 50-day simple moving average is $3.84 and its 200 day simple moving average is $4.99. The company has a debt-to-equity ratio of 7.78, a current ratio of 3.13 and a quick ratio of 3.13.

Rent the Runway (NASDAQ:RENT – Get Rating) last announced its quarterly earnings results on Thursday, June 9th. The company reported ($0.67) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.08. The business had revenue of $67.10 million for the quarter, compared to the consensus estimate of $64.25 million. Sell-side analysts predict that Rent the Runway, Inc. will post -2.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RENT has been the topic of several research analyst reports. KeyCorp initiated coverage on Rent the Runway in a research report on Wednesday, July 20th. They issued a “sector weight” rating on the stock. JMP Securities lowered their price target on Rent the Runway from $18.00 to $12.00 and set a “market outperform” rating on the stock in a research report on Friday, June 10th. Telsey Advisory Group lowered their price target on Rent the Runway from $21.00 to $13.00 and set an “outperform” rating on the stock in a research report on Thursday, April 14th. Piper Sandler initiated coverage on Rent the Runway in a research report on Friday, July 22nd. They issued an “overweight” rating on the stock. Finally, Raymond James initiated coverage on Rent the Runway in a research report on Wednesday, June 29th. They issued an “outperform” rating and a $9.00 price target on the stock. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.36.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in Rent the Runway during the fourth quarter worth about $32,000. National Bank of Canada FI bought a new position in Rent the Runway during the second quarter worth about $27,000. New York State Common Retirement Fund bought a new position in Rent the Runway during the first quarter worth about $70,000. Quantbot Technologies LP bought a new position in Rent the Runway during the first quarter worth about $75,000. Finally, Advisor Group Holdings Inc. bought a new position in Rent the Runway during the fourth quarter worth about $102,000. Institutional investors own 69.83% of the company’s stock.

About Rent the Runway

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Rent the Runway, Inc rents designer wear for women through its stores and online retail. The company offers ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods, evening wear, and kids wear, as well as accessories.