ATRenew (NYSE:RERE) Sees Strong Trading Volume - Here's What Happened

Shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) saw an uptick in trading volume on Monday . 1,314,634 shares traded hands during trading, an increase of 26% from the previous session's volume of 1,040,870 shares.The stock last traded at $3.70 and had previously closed at $3.48.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded ATRenew from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th.

ATRenew Stock Up 8.9%

The firm has a market capitalization of $924.27 million, a P/E ratio of 19.33 and a beta of 0.20. The business's 50-day simple moving average is $2.75 and its 200 day simple moving average is $2.78.

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

ATRenew announced that its Board of Directors has initiated a share repurchase program on Monday, June 30th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On ATRenew

Several hedge funds and other institutional investors have recently modified their holdings of RERE. PFG Investments LLC purchased a new position in shares of ATRenew during the first quarter valued at about $40,000. Two Sigma Investments LP grew its holdings in shares of ATRenew by 38.2% during the 4th quarter. Two Sigma Investments LP now owns 108,516 shares of the company's stock worth $313,000 after acquiring an additional 30,000 shares during the period. Bank of America Corp DE raised its position in shares of ATRenew by 46.3% in the 4th quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock worth $1,666,000 after acquiring an additional 183,201 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of ATRenew in the 4th quarter worth approximately $50,000. Finally, QRG Capital Management Inc. boosted its position in shares of ATRenew by 77.2% during the first quarter. QRG Capital Management Inc. now owns 29,710 shares of the company's stock valued at $87,000 after purchasing an additional 12,946 shares in the last quarter. 19.29% of the stock is owned by 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.