After the 1.3.0 Update, there is a new issue with renaming: if i use /ri name "cool <red>name</red>" the item will have the quotation marks in the name regardless of the placement of any tags

Due to changes to command arguments in 1.3.0 you are no longer required to wrap string in quotation marks, but looks like I forgot to change suggestions for commands, this will be fixed in future update.