ATRenew (NYSE:RERE) Lowered to "Buy" Rating by 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 Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Friday.

ATRenew Trading Up 3.3%

NYSE:RERE traded up $0.14 during midday trading on Friday, hitting $4.32. 1,758,769 shares of the company traded hands, compared to its average volume of 3,083,511. The firm's fifty day moving average is $3.95 and its 200-day moving average is $3.17. ATRenew has a 12-month low of $2.00 and a 12-month high of $4.93. The firm has a market capitalization of $1.05 billion, a P/E ratio of 36.00 and a beta of 0.24.

ATRenew announced that its board has authorized a share repurchase program on Monday, June 30th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of ATRenew

A number of hedge funds and other institutional investors have recently bought and sold shares of RERE. Acadian Asset Management LLC increased its stake in ATRenew by 41.9% in the second quarter. Acadian Asset Management LLC now owns 3,820,082 shares of the company's stock worth $12,622,000 after purchasing an additional 1,127,933 shares during the period. Invesco Ltd. increased its stake in shares of ATRenew by 45.6% during the first quarter. Invesco Ltd. now owns 2,760,925 shares of the company's stock valued at $8,117,000 after buying an additional 864,048 shares during the period. Prescott Group Capital Management L.L.C. increased its stake in shares of ATRenew by 31.3% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 3,035,436 shares of the company's stock valued at $8,742,000 after buying an additional 724,415 shares during the period. Millennium Management LLC increased its stake in shares of ATRenew by 252.3% during the fourth quarter. Millennium Management LLC now owns 659,508 shares of the company's stock valued at $1,899,000 after buying an additional 472,322 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of ATRenew by 160.9% during the second quarter. JPMorgan Chase & Co. now owns 531,349 shares of the company's stock valued at $1,759,000 after buying an additional 327,715 shares during the period. Hedge funds and other institutional investors own 19.29% of the company's stock.

About ATRenew

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.