ATRenew (NYSE:RERE) Downgraded to Buy Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded ATRenew from strong-buy to buy, while other recent analyst action was mixed but still pointed to a Moderate Buy consensus with a $5.50 price target.
• The stock was up 2.4% and opened at $3.89, leaving it well below its 52-week high of $6.47 but above its low of $3.07.
• ATRenew recently reported better-than-expected earnings and revenue, posting $0.08 EPS versus $0.07 expected and $893.46 million in revenue versus $856.01 million expected.

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

A number of other research firms have also recently commented on RERE. Weiss Ratings cut ATRenew from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 1st. UBS Group started coverage on shares of ATRenew in a report on Tuesday. They issued a "buy" rating and a $5.50 target price on the stock. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $5.50.

ATRenew Trading Up 2.4%

RERE stock opened at $3.89 on Friday. The stock has a market cap of $854.12 million, a P/E ratio of 15.57 and a beta of 0.29. ATRenew has a twelve month low of $3.07 and a twelve month high of $6.47. The company's 50 day moving average is $4.15 and its two-hundred day moving average is $4.90.

ATRenew (NYSE:RERE - Get Free Report) last issued its earnings results on Friday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. ATRenew had a net margin of 1.90% and a return on equity of 11.48%. The business had revenue of $893.46 million during the quarter, compared to analysts' expectations of $856.01 million. On average, equities research analysts predict that ATRenew will post 0.4 earnings per share for the current year.

Hedge Funds Weigh In On ATRenew

A number of large investors have recently modified their holdings of RERE. Van ECK Associates Corp raised its position in ATRenew by 10.3% in the fourth quarter. Van ECK Associates Corp now owns 19,794 shares of the company's stock worth $105,000 after acquiring an additional 1,855 shares in the last quarter. IvyRock Asset Management HK Ltd grew its holdings 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 acquiring an additional 2,000 shares during the period. Wells Fargo & Company MN acquired a new position in ATRenew during the fourth quarter worth $30,000. Caitong International Asset Management Co. Ltd grew its holdings in ATRenew by 10,014.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,473 shares of the company's stock valued at $34,000 after purchasing an additional 6,409 shares during the last quarter. Finally, Squarepoint Ops LLC raised its stake in shares of ATRenew by 29.4% during the 4th quarter. Squarepoint Ops LLC now owns 38,701 shares of the company's stock worth $205,000 after buying an additional 8,785 shares during the last quarter. 19.29% of the stock is owned by hedge funds and other institutional investors.

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. The company was formerly known as AiHuiShou International Co Ltd.

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