ATRenew (NYSE:RERE) Sees Unusually-High Trading Volume - Here's Why

Shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) saw strong trading volume on Monday . 854,526 shares changed hands during mid-day trading, a decline of 6% from the previous session's volume of 907,307 shares.The stock last traded at $3.50 and had previously closed at $3.49.

Wall Street Analyst Weigh In

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

ATRenew Trading Down 0.9%

The firm's 50-day moving average price is $2.73 and its two-hundred day moving average price is $2.78. The stock has a market cap of $848.67 million, a PE ratio of 49.71 and a beta of 0.20.

ATRenew (NYSE:RERE - Get Free Report) last posted its 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 company had revenue of $641.26 million for the quarter, compared to analysts' expectations of $4.62 billion. ATRenew had a return on equity of 8.91% and a net margin of 0.73%. On average, analysts anticipate that ATRenew Inc. Sponsored ADR will post 0.09 earnings per share for the current year.

ATRenew announced that its Board of Directors has authorized a share repurchase plan on Monday, June 30th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On ATRenew

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Yiheng Capital Management L.P. boosted its holdings in shares of ATRenew by 107.7% in the 4th quarter. Yiheng Capital Management L.P. now owns 3,163,117 shares of the company's stock valued at $9,110,000 after buying an additional 1,639,859 shares in the last quarter. Prescott Group Capital Management L.L.C. lifted its position 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 valued at $8,742,000 after acquiring an additional 724,415 shares during the last quarter. Invesco Ltd. boosted its stake in ATRenew by 45.6% in the first quarter. Invesco Ltd. now owns 2,760,925 shares of the company's stock valued at $8,117,000 after acquiring an additional 864,048 shares in the last quarter. Acadian Asset Management LLC boosted its stake in ATRenew by 27.4% in the first quarter. Acadian Asset Management LLC now owns 2,692,149 shares of the company's stock valued at $7,899,000 after acquiring an additional 579,334 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new position in ATRenew in the fourth quarter worth $6,623,000. Hedge funds and other institutional investors 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.