ATRenew (NYSE:RERE) Stock Price Up 8.2% - What's Next?

Key Points

• ATRenew Inc. shares rose 8.2% during trading, closing at $3.90, with a trading volume increase of 126% compared to the average daily volume.
• After previously holding a "strong-buy" rating, Wall Street Zen downgraded ATRenew to a "buy" rating in a recent report.
• ATRenew reported quarterly earnings that missed estimates, with earnings per share of $0.04 against an expected $0.05, and revenue significantly lower than projections at $641.26 million.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s stock price shot up 8.2% on Monday . The stock traded as high as $3.91 and last traded at $3.90. 2,964,563 shares traded hands during mid-day trading, an increase of 126% from the average session volume of 1,312,208 shares. The stock had previously closed at $3.60.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of ATRenew from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 10th.

ATRenew Stock Performance

The company's 50 day moving average price is $3.38 and its two-hundred day moving average price is $2.97. The stock has a market cap of $1.03 billion, a P/E ratio of 60.57 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 EPS 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 firm had revenue of $641.26 million for the quarter, compared to the consensus estimate of $4.62 billion. On average, sell-side 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 share repurchase plan on Monday, June 30th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RERE. Russell Investments Group Ltd. purchased a new stake in shares of ATRenew during the fourth quarter valued at $82,000. Invesco Ltd. boosted its stake in shares of ATRenew by 1,718.6% during the fourth quarter. Invesco Ltd. now owns 1,896,877 shares of the company's stock valued at $5,463,000 after purchasing an additional 1,792,572 shares during the period. Walleye Capital LLC boosted its stake in shares of ATRenew by 3,661.6% during the fourth quarter. Walleye Capital LLC now owns 433,859 shares of the company's stock valued at $1,250,000 after purchasing an additional 422,325 shares during the period. NewEdge Advisors LLC purchased a new stake in shares of ATRenew during the fourth quarter valued at $29,000. Finally, Marshall Wace LLP raised its holdings in shares of ATRenew by 202.0% in the fourth quarter. Marshall Wace LLP now owns 643,151 shares of the company's stock valued at $1,852,000 after acquiring an additional 430,164 shares in the last quarter. 19.29% of the stock is owned by hedge funds and other institutional investors.

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.