ATRenew (NYSE:RERE) Hits New 52-Week High - What's Next?

Key Points

• ATRenew Inc. hit a new 52-week high of $4.89 before closing at $4.64, with a trading volume of over 6 million shares.
• The company has recently faced a downgrade in its analyst rating from "strong-buy" to "buy" by Wall Street Zen.
• ATRenew's financial performance includes a Q1 earnings per share miss and significant institutional investments, with 19.29% of the stock owned by institutional investors.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $4.89 and last traded at $4.64, with a volume of 6186774 shares changing hands. The stock had previously closed at $4.40.

Analyst Upgrades and Downgrades

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

ATRenew Stock Performance

The firm has a fifty day simple moving average of $3.56 and a 200-day simple moving average of $3.03. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 36.81 and a beta of 0.20.

ATRenew announced that its Board of Directors has initiated a stock buyback program on Monday, June 30th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On ATRenew

A number of hedge funds have recently bought and sold shares of the business. Harber Asset Management LLC increased its position in ATRenew by 0.6% during the first quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company's stock worth $3,688,000 after acquiring an additional 7,750 shares during the period. Cubist Systematic Strategies LLC increased its position in ATRenew by 15.9% during the first quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company's stock worth $194,000 after acquiring an additional 9,094 shares during the period. NewEdge Advisors LLC bought a new position in ATRenew during the fourth quarter worth about $29,000. Walleye Capital LLC increased its position in ATRenew by 2.5% during the first quarter. Walleye Capital LLC now owns 444,584 shares of the company's stock worth $1,307,000 after acquiring an additional 10,725 shares during the period. Finally, JTC Employer Solutions Trustee Ltd bought a new position in ATRenew during the first quarter worth about $32,000. 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.