Rent the Runway, Inc. (NASDAQ:RENT) is Technology Crossover Management VIII Ltd.’s 6th Largest Position

Technology Crossover Management VIII Ltd. reduced its position in Rent the Runway, Inc. (NASDAQ:RENT) by 95.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,481 shares of the company’s stock after selling 3,752,188 shares during the period. Rent the Runway accounts for about 0.4% of Technology Crossover Management VIII Ltd.’s investment portfolio, making the stock its 6th biggest position. Technology Crossover Management VIII Ltd. owned about 0.05% of Rent the Runway worth $3,470,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RENT. Meeder Asset Management Inc. purchased a new stake in Rent the Runway during the second quarter valued at approximately $33,000. Summit Securities Group LLC bought a new stake in shares of Rent the Runway during the second quarter worth $86,000. CastleKnight Management LP lifted its holdings in Rent the Runway by 304.9% during the 4th quarter. CastleKnight Management LP now owns 545,800 shares of the company’s stock valued at $288,000 after buying an additional 411,000 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Rent the Runway in the second quarter valued at approximately $293,000. Finally, Nisa Investment Advisors LLC purchased a new stake in shares of Rent the Runway in the 2nd quarter worth $308,000. 73.10% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on RENT shares. JMP Securities increased their price objective on shares of Rent the Runway from $20.00 to $40.00 and gave the company a “market outperform” rating in a research note on Friday, June 7th. Jefferies Financial Group lowered their price target 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.86.

Insider Transactions at Rent the Runway

In other Rent the Runway news, CEO Jennifer Hyman sold 6,127 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $10.00, for a total transaction of $61,270.00. Following the completion of the sale, the chief executive officer now directly owns 148,088 shares in the company, valued at approximately $1,480,880. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 18,187 shares of company stock valued at $195,670 in the last three months. 6.60% of the stock is currently owned by company insiders.

Rent the Runway Trading Up 2.9 %

NASDAQ RENT opened at $9.90 on Friday. Rent the Runway, Inc. has a fifty-two week low of $4.46 and a fifty-two week high of $41.81. The stock has a 50-day simple moving average of $13.15 and a two-hundred day simple moving average of $14.82.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings results on Thursday, September 5th. The company reported ($4.17) EPS for the quarter, beating the consensus estimate of ($5.86) by $1.69. The firm had revenue of $78.90 million for the quarter, compared to analyst estimates of $76.60 million. During the same quarter in the prior year, the business posted ($8.00) EPS. On average, research analysts anticipate that Rent the Runway, Inc. will post -19.08 earnings per share for the current year.

Rent the Runway Profile

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.