ATRenew (NYSE:RERE) Cut to Buy at Wall Street Zen

Key Points

• ATRenew has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, indicating a more cautious outlook on the stock.
• Shares of ATRenew increased by 2.5%, with a current trading price of $4.36, close to its 12-month high of $4.93.
• ATRenew's Board of Directors has approved a share repurchase plan, signaling confidence in the company's stock value despite recent downgrades.

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

ATRenew Stock Performance

NYSE:RERE traded down $0.16 during trading hours on Friday, reaching $4.20. The company's stock had a trading volume of 875,187 shares, compared to its average volume of 1,589,737. The stock has a 50 day moving average price of $3.92 and a two-hundred day moving average price of $3.15. The company has a market capitalization of $1.02 billion, a P/E ratio of 34.96 and a beta of 0.24. ATRenew has a 12 month low of $2.00 and a 12 month high of $4.93.

ATRenew declared that its Board of Directors has authorized a share repurchase plan on Monday, June 30th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On ATRenew

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PFG Investments LLC acquired a new position in ATRenew in the first quarter valued at approximately $40,000. Two Sigma Investments LP increased its holdings in ATRenew by 38.2% in the fourth quarter. Two Sigma Investments LP now owns 108,516 shares of the company's stock valued at $313,000 after buying an additional 30,000 shares in the last quarter. Harbour Capital Advisors LLC purchased a new position in ATRenew in the first quarter valued at $33,000. Bank of America Corp DE boosted its stake in shares of ATRenew by 46.3% during the 4th quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock worth $1,666,000 after acquiring an additional 183,201 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in shares of ATRenew by 77.2% during the 1st quarter. QRG Capital Management Inc. now owns 29,710 shares of the company's stock valued at $87,000 after acquiring an additional 12,946 shares during the period. 19.29% of the stock is owned by institutional investors and hedge funds.

ATRenew Company Profile

ATRenew Inc, through its subsidiaries, operates pre-owned consumer electronics transactions and services platform in the People's Republic of China. It primarily sells mobile phones, laptops, tablets, drones, digital cameras; and vintage bags, watches, liquor, gold, and various household goods through its online platforms and offline stores, as well as provides services to third-party merchants to sell the products through its platforms.