ATRenew (NYSE:RERE) Stock Rating Lowered by Wall Street Zen

Key Points

• ATRenew was downgraded by Wall Street Zen from “buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $5.50.
• RERE shares opened at $3.92, below their 50-day and 200-day moving averages, and remain closer to the 52-week low of $3.50 than the high of $6.47.
• ATRenew exceeded quarterly expectations, reporting $0.10 EPS versus $0.09 forecast and revenue of $972.82 million versus $930.34 million; institutional investors and hedge funds own 19.29% of the stock.

ATRenew (NYSE:RERE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also issued reports about the stock. UBS Group assumed coverage on shares of ATRenew in a report on Tuesday, July 21st. They set a "buy" rating and a $5.50 price objective on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of ATRenew in a report on Wednesday, July 29th. Finally, CICC Research assumed coverage on ATRenew in a research note on Thursday, August 20th. They issued an "outperform" rating on the stock. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, ATRenew presently has a consensus rating of "Moderate Buy" and an average target price of $5.50.

ATRenew Stock Performance

Shares of NYSE:RERE opened at $3.92 on Friday. The company has a 50 day moving average price of $4.14 and a two-hundred day moving average price of $4.44. The company has a market capitalization of $861.14 million, a PE ratio of 13.53 and a beta of 0.33. ATRenew has a 52 week low of $3.50 and a 52 week high of $6.47.

ATRenew (NYSE:RERE - Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. ATRenew had a net margin of 2.01% and a return on equity of 12.32%. The company had revenue of $972.82 million during the quarter, compared to analyst estimates of $930.34 million. On average, sell-side analysts forecast that ATRenew will post 0.37 earnings per share for the current year.

Institutional Investors Weigh In On ATRenew

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio acquired a new position in shares of ATRenew during the 2nd quarter worth approximately $755,000. Lazard Asset Management LLC acquired a new position in ATRenew during the first quarter worth $540,000. Renaissance Technologies LLC bought a new stake in ATRenew during the first quarter worth $2,368,000. Caxton Associates LLP acquired a new stake in ATRenew in the first quarter valued at $351,000. Finally, Precision Wealth Strategies LLC lifted its stake in ATRenew by 17.7% in the first quarter. Precision Wealth Strategies LLC now owns 296,399 shares of the company's stock valued at $1,390,000 after acquiring an additional 44,659 shares during the last quarter. 19.29% of the stock is currently owned by institutional investors and hedge funds.

ATRenew Company Profile

ATRenew Inc NYSE: RERE, formerly known as AiHuiShou, operates a technology-enabled platform for consumer electronics recycling and resale in China. The company focuses primarily on used mobile phones, tablets, laptops, cameras and other digital devices, helping consumers and businesses sell, trade in, recycle and purchase pre-owned electronics.

ATRenew's services cover the resale process from device collection and inspection to data erasure, quality grading, pricing, refurbishment and fulfillment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.