ATRenew (NYSE:RERE) Stock Price Down 4% - Should You Sell?

Shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) dropped 4% on Thursday . The stock traded as low as $3.47 and last traded at $3.48. Approximately 2,704,563 shares traded hands during trading, an increase of 131% from the average daily volume of 1,169,490 shares. The stock had previously closed at $3.62.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded ATRenew from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th.

ATRenew Stock Performance

The firm's fifty day simple moving average is $2.95 and its 200 day simple moving average is $2.83. The stock has a market capitalization of $825.50 million, a price-to-earnings ratio of 20.11 and a beta of 0.20.

ATRenew (NYSE:RERE - Get Free Report) last announced its earnings results on Tuesday, May 20th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). ATRenew had a return on equity of 8.91% and a net margin of 0.73%. The company had revenue of $641.26 million during the quarter, compared to analyst estimates of $4.62 billion. Analysts forecast that ATRenew Inc. Sponsored ADR will post 0.09 earnings per share for the current year.

ATRenew announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 30th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On ATRenew

A number of large investors have recently modified their holdings of RERE. Acadian Asset Management LLC increased its holdings in ATRenew by 27.4% during the first quarter. Acadian Asset Management LLC now owns 2,692,149 shares of the company's stock worth $7,899,000 after buying an additional 579,334 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of ATRenew during the 1st quarter worth about $114,000. Eschler Asset Management LLP raised its holdings in shares of ATRenew by 163.6% in the 1st quarter. Eschler Asset Management LLP now owns 226,700 shares of the company's stock valued at $666,000 after purchasing an additional 140,700 shares during the period. Cubist Systematic Strategies LLC lifted its stake in ATRenew by 15.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company's stock valued at $194,000 after purchasing an additional 9,094 shares during the last quarter. Finally, Harber Asset Management LLC grew its holdings 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 purchasing an additional 7,750 shares during the period. 19.29% of the stock is currently owned by institutional investors and hedge funds.

About ATRenew

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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