Rent the Runway, Inc. (NASDAQ:RENT) Stock Holdings Lowered by Technology Crossover Management VIII Ltd.

Technology Crossover Management VIII Ltd. reduced its position in Rent the Runway, Inc. (NASDAQ:RENT) by 95.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 197,481 shares of the company’s stock after selling 3,752,188 shares during the period. Rent the Runway comprises approximately 0.4% of Technology Crossover Management VIII Ltd.’s holdings, making the stock its 6th largest position. Technology Crossover Management VIII Ltd. owned approximately 5.38% of Rent the Runway worth $3,470,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. CastleKnight Management LP boosted its holdings in shares of 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 acquiring an additional 411,000 shares during the last quarter. Nisa Investment Advisors LLC bought a new position in Rent the Runway during the second quarter valued at approximately $308,000. XTX Topco Ltd purchased a new stake in Rent the Runway in the second quarter worth approximately $293,000. Summit Securities Group LLC bought a new stake in Rent the Runway in the 2nd quarter worth approximately $86,000. Finally, Meeder Asset Management Inc. bought a new stake in Rent the Runway in the 2nd quarter worth approximately $33,000. 73.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RENT. Jefferies Financial Group dropped their price target on Rent the Runway from $34.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. JMP Securities raised their target price on Rent the Runway from $20.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Friday, June 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.86.

Insiders Place Their Bets

In related news, CEO Jennifer Hyman sold 6,127 shares of Rent the Runway 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 sale, the chief executive officer now owns 148,088 shares of the company’s stock, valued at approximately $1,480,880. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 18,187 shares of company stock worth $195,670. Corporate insiders own 6.60% of the company’s stock.

Rent the Runway Stock Up 2.9 %

NASDAQ RENT opened at $9.90 on Friday. Rent the Runway, Inc. has a 52 week low of $4.46 and a 52 week high of $41.81. The stock’s 50-day moving average price is $13.15 and its 200-day moving average price is $14.82.

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

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.