Rent the Runway Shares Surge After Three Large Investors Increase Stakes
Dow Jones10-24
Shares of Rent the Runway jumped in late trading after three investors disclosed purchasing additional shares in the clothing-rental company.
The stock rose 42% in late trading to $3.27. Through Friday's close, shares had dropped about 71% so far this year.
Both Nexus Capital Management and Story3 Capital Partners bought 632,922 shares of Rent the Runway. CHS US Investments bought 458,245 shares of the company.
The three companies bought the stock at an average price of $3.55.
Prior to the latest purchases, CHS owned about 66% of outstanding shares of Rent the Runway, according to FactSet, while Nexus and Story 3 each owned 12.7%.
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