ATRenew (NYSE:RERE) Shares Up 7.5% - Here's What Happened

Key Points

• ATRenew's share price **increased by 7.5%**, reaching highs of $3.38 during trading, following a decrease in trading volume.
• The company was upgraded from a **"buy" to a "strong-buy" rating** by Wall Street Zen, reflecting growing analyst confidence.
• ATRenew reported earnings of **$0.04 per share**, which fell short of analyst expectations, while also announcing a **stock buyback program** to indicate confidence in its stock value.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s share price shot up 7.5% during mid-day trading on Monday . The company traded as high as $3.38 and last traded at $3.36. 436,007 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 1,282,216 shares. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

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

ATRenew Trading Up 8.2%

The stock's 50 day moving average price is $3.12 and its two-hundred day moving average price is $2.89. The firm has a market capitalization of $823.06 million, a PE ratio of 48.29 and a beta of 0.20.

ATRenew (NYSE:RERE - Get Free Report) last posted its earnings results on Tuesday, May 20th. The company reported $0.04 earnings per share 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 for the quarter, compared to analyst estimates of $4.62 billion. Analysts expect that ATRenew Inc. Sponsored ADR will post 0.09 earnings per share for the current year.

ATRenew announced that its board has authorized a stock buyback program on Monday, June 30th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RERE. NewEdge Advisors LLC acquired a new stake in ATRenew during the fourth quarter valued at approximately $29,000. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of ATRenew during the first quarter valued at approximately $32,000. Harbour Capital Advisors LLC acquired a new stake in shares of ATRenew during the first quarter valued at approximately $33,000. PFG Investments LLC acquired a new stake in shares of ATRenew during the first quarter valued at approximately $40,000. Finally, Virtu Financial LLC acquired a new stake in shares of ATRenew during the first quarter valued at approximately $48,000. 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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