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

Wall Street Zen cut shares of ATRenew (NYSE:RERE - Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday morning.

ATRenew Price Performance

Shares of NYSE RERE traded up $0.03 on Friday, hitting $3.67. The company's stock had a trading volume of 2,828,600 shares, compared to its average volume of 1,151,161. The company has a market capitalization of $893.78 million, a price-to-earnings ratio of 52.21 and a beta of 0.20. The stock has a 50 day moving average of $2.90 and a 200-day moving average of $2.82. ATRenew has a 12-month low of $2.00 and a 12-month high of $4.35.

ATRenew (NYSE:RERE - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). The firm had revenue of $641.26 million for the quarter, compared to analyst estimates of $4.62 billion. ATRenew had a net margin of 0.73% and a return on equity of 8.91%. Sell-side analysts expect that ATRenew will post 0.09 EPS for the current fiscal year.

ATRenew declared that its Board of Directors has authorized a stock repurchase program on Monday, June 30th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On ATRenew

Several hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC bought a new stake in shares of ATRenew during the fourth quarter worth about $29,000. JTC Employer Solutions Trustee Ltd acquired a new position in shares of ATRenew during the first quarter worth approximately $32,000. Harbour Capital Advisors LLC acquired a new position in shares of ATRenew during the first quarter worth approximately $33,000. PFG Investments LLC bought a new stake in ATRenew during the first quarter worth $40,000. Finally, Virtu Financial LLC bought a new stake in ATRenew during the first quarter worth $48,000. Institutional investors and hedge funds own 19.29% of the company's stock.

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.