ATRenew (NYSE:RERE) Stock Rating Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded ATRenew from “hold” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $5.50.
• ATRenew beat quarterly expectations, reporting $0.10 EPS versus $0.09 expected and revenue of $972.82 million versus the $930.34 million consensus estimate.
• RERE shares opened at $3.94, near the lower end of their 52-week range of $3.50 to $6.47; institutional investors own 19.29% of the company.

ATRenew (NYSE:RERE - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Sunday, Wall Street Zen reports.

RERE has been the topic of several other reports. Weiss Ratings reiterated a "hold (c)" rating on shares of ATRenew in a report on Wednesday, July 29th. UBS Group started coverage on shares of ATRenew in a report on Tuesday, July 21st. They issued a "buy" rating and a $5.50 price target for the company. Finally, CICC Research started coverage on shares of ATRenew in a research report on Thursday, August 20th. They issued an "outperform" rating for the company. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $5.50.

ATRenew Price Performance

RERE stock opened at $3.94 on Friday. ATRenew has a 1 year low of $3.50 and a 1 year high of $6.47. The company has a market cap of $865.53 million, a P/E ratio of 13.60 and a beta of 0.33. The stock's fifty day moving average price is $4.14 and its 200-day moving average price is $4.39.

ATRenew (NYSE:RERE - Get Free Report) last posted its quarterly earnings results on Thursday, August 20th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.01. The business had revenue of $972.82 million for the quarter, compared to the consensus estimate of $930.34 million. ATRenew had a return on equity of 12.32% and a net margin of 2.01%. As a group, analysts expect that ATRenew will post 0.37 earnings per share for the current year.

Hedge Funds Weigh In On ATRenew

Large investors have recently added to or reduced their stakes in the company. IvyRock Asset Management HK Ltd boosted its position in shares of ATRenew by 11.1% in the 4th quarter. IvyRock Asset Management HK Ltd now owns 20,000 shares of the company's stock worth $106,000 after purchasing an additional 2,000 shares in the last quarter. QRG Capital Management Inc. raised its stake in ATRenew by 90.5% in the first quarter. QRG Capital Management Inc. now owns 50,924 shares of the company's stock valued at $239,000 after buying an additional 24,192 shares during the last quarter. Globeflex Capital L P purchased a new stake in ATRenew in the fourth quarter valued at about $258,000. Caxton Associates LLP acquired a new stake in ATRenew in the first quarter worth about $351,000. Finally, Lazard Asset Management LLC acquired a new stake in ATRenew in the first quarter worth about $540,000. 19.29% of the stock is currently owned by institutional investors.

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.

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