ATRenew (NYSE:RERE) Trading Down 4% - Here's Why

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s stock price dropped 4% on Thursday . The company 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.

Analysts Set New Price Targets

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

ATRenew Stock Up 0.4%

The firm has a market capitalization of $901.10 million, a PE ratio of 52.79 and a beta of 0.20. The business's fifty day moving average price is $2.99 and its 200 day moving average price is $2.84.

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

ATRenew declared that its board has authorized a stock buyback plan on Monday, June 30th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On ATRenew

Institutional investors and hedge funds have recently modified their holdings of the stock. Harber Asset Management LLC raised its holdings in ATRenew by 0.6% in the first quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company's stock valued at $3,688,000 after acquiring an additional 7,750 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of ATRenew by 16.2% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 56,401 shares of the company's stock valued at $162,000 after purchasing an additional 7,883 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of ATRenew by 15.9% during the first quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company's stock worth $194,000 after purchasing an additional 9,094 shares during the last quarter. NewEdge Advisors LLC acquired a new position in ATRenew in the fourth quarter worth about $29,000. Finally, Walleye Capital LLC increased its holdings in ATRenew by 2.5% in the first quarter. Walleye Capital LLC now owns 444,584 shares of the company's stock valued at $1,307,000 after buying an additional 10,725 shares during the last quarter. 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.