ATRenew (NYSE:RERE) Shares Gap Up - Should You Buy?

Key Points

• ATRenew's stock price experienced a **gap-up**, opening at **$4.55** after a previous close of **$4.38**, with a recent trading value of **$4.44** and a volume of **422,292 shares**.
• Wall Street analysts downgraded ATRenew from a **"strong-buy"** rating to a **"buy"** rating, indicating a more cautious outlook for the stock.
• Institutional investors have shown increased interest in ATRenew, with **Bank of America Corp DE** raising its stake by **46.3%** and several other investors significantly increasing their holdings during the fourth quarter.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $4.38, but opened at $4.55. ATRenew shares last traded at $4.44, with a volume of 422,292 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of ATRenew from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th.

ATRenew Price Performance

The stock's 50 day simple moving average is $4.04 and its 200-day simple moving average is $3.24. The company has a market capitalization of $1.07 billion, a PE ratio of 36.63 and a beta of 0.24.

ATRenew declared that its Board of Directors has authorized a stock buyback plan on Monday, June 30th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On ATRenew

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in ATRenew by 46.3% in the fourth quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock valued at $1,666,000 after buying an additional 183,201 shares during the period. Millennium Management LLC grew its stake in ATRenew by 252.3% during the fourth quarter. Millennium Management LLC now owns 659,508 shares of the company's stock worth $1,899,000 after purchasing an additional 472,322 shares during the period. Man Group plc bought a new stake in ATRenew in the 4th quarter valued at about $325,000. Two Sigma Investments LP grew its holdings in shares of ATRenew by 38.2% in the fourth quarter. Two Sigma Investments LP now owns 108,516 shares of the company's stock valued at $313,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in ATRenew in the fourth quarter valued at approximately $50,000. 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.

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