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

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) shares saw an uptick in trading volume on Monday . 854,526 shares traded 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.

Analyst Upgrades and Downgrades

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

ATRenew Stock Up 1.7%

The firm has a market capitalization of $820.62 million, a P/E ratio of 48.07 and a beta of 0.09. The business's 50 day moving average is $2.66 and its 200-day moving average is $2.77.

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

ATRenew announced that its board has authorized a share repurchase plan on Monday, June 30th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On ATRenew

Institutional investors have recently added to or reduced their stakes in the stock. Yiheng Capital Management L.P. increased its holdings in shares of ATRenew by 107.7% during the fourth 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 in the last quarter. Prescott Group Capital Management L.L.C. increased its holdings in ATRenew by 31.3% in 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 purchasing an additional 724,415 shares in the last quarter. Invesco Ltd. raised its position 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 purchasing an additional 864,048 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of ATRenew by 27.4% during the first quarter. Acadian Asset Management LLC now owns 2,692,149 shares of the company's stock valued at $7,899,000 after purchasing an additional 579,334 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of ATRenew during the fourth quarter worth about $6,623,000. 19.29% of the stock is currently owned by institutional investors and hedge funds.

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.