ATRenew (NYSE:RERE) Sees Large Volume Increase - Here's Why

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 2,103,306 shares traded hands during mid-day trading, an increase of 74% from the previous session's volume of 1,210,770 shares.The stock last traded at $3.60 and had previously closed at $3.68.

Analysts Set New Price Targets

Separately, Wall Street Zen cut ATRenew from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th.

ATRenew Stock Down 3.7%

The company has a market cap of $864.52 million, a PE ratio of 50.64 and a beta of 0.20. The business has a 50-day simple moving average of $2.99 and a 200-day simple moving average of $2.84.

ATRenew (NYSE:RERE - Get Free Report) last announced 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 net margin of 0.73% and a return on equity of 8.91%. The firm had revenue of $641.26 million during the quarter, compared to analysts' expectations of $4.62 billion. As a group, equities research analysts predict that ATRenew Inc. Sponsored ADR will post 0.09 EPS for the current fiscal year.

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

Hedge Funds Weigh In On ATRenew

A number of institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD acquired a new stake in shares of ATRenew during the fourth quarter worth about $6,623,000. Invesco Ltd. raised its holdings in ATRenew by 1,718.6% during the fourth quarter. Invesco Ltd. now owns 1,896,877 shares of the company's stock worth $5,463,000 after purchasing an additional 1,792,572 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in ATRenew by 101.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,636,473 shares of the company's stock worth $4,713,000 after purchasing an additional 822,998 shares in the last quarter. Prescott Group Capital Management L.L.C. raised its holdings in 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 worth $8,742,000 after purchasing an additional 724,415 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in ATRenew by 27.4% during the first quarter. Acadian Asset Management LLC now owns 2,692,149 shares of the company's stock worth $7,899,000 after purchasing an additional 579,334 shares in the last quarter. 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.

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