ATRenew (NYSE:RERE) Shares Down 8.7% - Here's What Happened

Key Points

• ATRenew's shares fell by 8.7%, closing at $3.84, with trading volume increased by 20% compared to average daily volumes.
• Brokerages have recently downgraded ATRenew, with Wall Street Zen changing its rating from "strong-buy" to "buy" and a consensus rating now at "Hold."
• Institutional investors have increased their stakes in ATRenew, with notable boosts from Acadian Asset Management and Invesco Ltd..

Shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) were down 8.7% during trading on Friday . The stock traded as low as $3.86 and last traded at $3.84. Approximately 1,889,535 shares were traded during trading, an increase of 20% from the average daily volume of 1,579,554 shares. The stock had previously closed at $4.20.

Analyst Ratings Changes

Several brokerages have recently issued reports on RERE. Weiss Ratings reissued a "hold (c-)" rating on shares of ATRenew in a research report on Wednesday. Wall Street Zen lowered ATRenew from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, ATRenew currently has a consensus rating of "Hold".

ATRenew Price Performance

The firm has a market cap of $916.71 million, a price-to-earnings ratio of 31.38 and a beta of 0.24. The business has a 50-day moving average of $4.31 and a 200-day moving average of $3.34.

ATRenew declared that its Board of Directors has approved a stock repurchase plan on Monday, June 30th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC boosted its stake in shares of ATRenew by 41.9% during the 2nd quarter. Acadian Asset Management LLC now owns 3,820,082 shares of the company's stock worth $12,622,000 after acquiring an additional 1,127,933 shares during the period. Prescott Group Capital Management L.L.C. lifted its holdings in ATRenew by 4.0% during the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 3,155,436 shares of the company's stock worth $10,444,000 after purchasing an additional 120,000 shares during the last quarter. Invesco Ltd. lifted its holdings in ATRenew by 45.6% during the 1st quarter. Invesco Ltd. now owns 2,760,925 shares of the company's stock worth $8,117,000 after purchasing an additional 864,048 shares during the last quarter. Harber Asset Management LLC lifted its holdings in ATRenew by 0.6% during the 1st quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company's stock worth $3,688,000 after purchasing an additional 7,750 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in ATRenew by 14.2% during the 2nd quarter. Marshall Wace LLP now owns 561,536 shares of the company's stock worth $1,859,000 after purchasing an additional 69,801 shares during the last quarter. 19.29% of the stock is currently 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.

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