ATRenew (NYSE:RERE) Shares Gap Up - Here's Why

Key Points

• ATRenew's share price opened at $4.38, up from a previous close of $4.21, with a trading volume of 465,686 shares.
• Wall Street Zen downgraded ATRenew from a "strong-buy" to a "buy" rating, reflecting shifting analyst sentiment.
• The company reported $0.04 earnings per share for its last quarter, missing estimates, with revenue significantly lower than expected at $641.26 million.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $4.21, but opened at $4.38. ATRenew shares last traded at $4.32, with a volume of 465,686 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen raised ATRenew from a "buy" rating to a "strong-buy" rating in a report on Friday.

ATRenew Price Performance

The business has a fifty day moving average of $3.56 and a 200-day moving average of $3.03. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 37.88 and a beta of 0.20.

ATRenew (NYSE:RERE - Get Free Report) last released its earnings results on Tuesday, May 20th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). The firm had revenue of $641.26 million for the quarter, compared to analyst estimates of $4.62 billion. ATRenew had a return on equity of 9.04% and a net margin of 1.13%. As a group, research analysts anticipate that ATRenew Inc. Sponsored ADR will post 0.09 EPS for the current year.

ATRenew declared that its board has initiated a share repurchase program on Monday, June 30th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On ATRenew

Institutional investors have recently bought and sold shares of the stock. PFG Investments LLC purchased a new position in ATRenew in the 1st quarter worth about $40,000. Two Sigma Investments LP increased its stake in ATRenew by 38.2% in the 4th quarter. Two Sigma Investments LP now owns 108,516 shares of the company's stock worth $313,000 after purchasing an additional 30,000 shares in the last quarter. Harbour Capital Advisors LLC purchased a new position in ATRenew in the 1st quarter worth about $33,000. Bank of America Corp DE increased its stake in ATRenew by 46.3% in the 4th quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock worth $1,666,000 after purchasing an additional 183,201 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in ATRenew during the 4th quarter worth about $50,000. 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.