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ATRenew (NYSE:RERE) Trading Down 9.2% - What's Next?

ATRenew logo with Business Services background

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s share price dropped 9.2% during mid-day trading on Wednesday . The company traded as low as $3.70 and last traded at $3.69. Approximately 1,690,582 shares changed hands during mid-day trading, an increase of 54% from the average daily volume of 1,095,537 shares. The stock had previously closed at $4.06.

Analyst Upgrades and Downgrades

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

View Our Latest Stock Report on ATRenew

ATRenew Stock Down 3.0%

The firm's 50 day simple moving average is $2.88 and its 200-day simple moving average is $2.81. The company has a market capitalization of $870.62 million, a PE ratio of 51.00 and a beta of 0.20.

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). ATRenew had a return on equity of 8.91% and a net margin of 0.73%. The business had revenue of $641.26 million for the quarter, compared to analysts' expectations of $4.62 billion. As a group, sell-side analysts anticipate that ATRenew Inc. Sponsored ADR will post 0.09 EPS for the current fiscal year.

ATRenew announced that its board has initiated a stock repurchase program on Monday, June 30th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Harber Asset Management LLC lifted its position in shares of 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 in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in ATRenew by 16.2% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 56,401 shares of the company's stock valued at $162,000 after acquiring an additional 7,883 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in ATRenew by 15.9% in the first quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company's stock valued at $194,000 after acquiring an additional 9,094 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in ATRenew in the fourth quarter valued at $29,000. Finally, Walleye Capital LLC raised 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 acquiring an additional 10,725 shares in the last quarter. 19.29% of the stock is owned by institutional investors and hedge funds.

About ATRenew

(Get Free Report)

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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