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

Wall Street Zen downgraded 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

RERE stock traded down $0.11 during trading hours on Friday, reaching $3.57. 2,616,005 shares of the stock were exchanged, compared to its average volume of 1,125,645. The firm's 50-day moving average is $2.88 and its 200-day moving average is $2.81. The company has a market cap of $870.62 million, a price-to-earnings ratio of 51.00 and a beta of 0.20. 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 earnings results on Tuesday, May 20th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). ATRenew had a return on equity of 8.91% and a net margin of 0.73%. The firm had revenue of $641.26 million for the quarter, compared to the consensus estimate of $4.62 billion. As a group, equities research analysts forecast that ATRenew will post 0.09 earnings per share for the current year.

ATRenew declared that its board has approved a share buyback program on Monday, June 30th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On ATRenew

A number of large investors have recently modified their holdings of RERE. Price T Rowe Associates Inc. MD acquired a new position in shares of ATRenew during the 4th quarter worth about $6,623,000. Invesco Ltd. boosted its stake in shares of ATRenew by 1,718.6% during the 4th quarter. Invesco Ltd. now owns 1,896,877 shares of the company's stock worth $5,463,000 after buying an additional 1,792,572 shares during the last quarter. Yiheng Capital Management L.P. boosted its stake in shares of ATRenew by 107.7% during the 4th quarter. Yiheng Capital Management L.P. now owns 3,163,117 shares of the company's stock worth $9,110,000 after buying an additional 1,639,859 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of ATRenew by 101.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,636,473 shares of the company's stock worth $4,713,000 after buying an additional 822,998 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. boosted its stake in shares of ATRenew by 31.3% during the 4th quarter. Prescott Group Capital Management L.L.C. now owns 3,035,436 shares of the company's stock worth $8,742,000 after buying an additional 724,415 shares during the last quarter. 19.29% of the stock is currently owned by institutional investors and hedge funds.

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.