ATRenew (NYSE:RERE) Raised to Strong-Buy at Wall Street Zen

Key Points

• ATRenew has been upgraded from a "buy" rating to a "strong-buy" rating by analysts at Wall Street Zen, indicating increased confidence in the company's stock performance.
• The company reported $0.04 earnings per share (EPS) for the last quarter, missing the consensus estimate, with revenue significantly lower than expected at $641.26 million.
• ATRenew's Board of Directors has initiated a stock buyback plan, hinting at the belief that the stock is undervalued, with institutional investors holding 19.29% of the shares.

ATRenew (NYSE:RERE - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Friday.

ATRenew Price Performance

Shares of NYSE RERE traded down $0.07 during mid-day trading on Friday, reaching $4.67. 1,604,304 shares of the company's stock traded hands, compared to its average volume of 3,619,035. The stock has a market cap of $1.14 billion, a P/E ratio of 38.88 and a beta of 0.20. The business has a 50-day simple moving average of $3.71 and a 200 day simple moving average of $3.07. ATRenew has a 1-year low of $2.00 and a 1-year high of $4.93.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harber Asset Management LLC boosted 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 last quarter. Cubist Systematic Strategies LLC boosted its holdings in 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 purchased a new position in ATRenew during the fourth quarter worth about $29,000. Walleye Capital LLC boosted its holdings in ATRenew by 2.5% during the first quarter. Walleye Capital LLC now owns 444,584 shares of the company's stock worth $1,307,000 after purchasing an additional 10,725 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd purchased a new position in ATRenew during the first quarter worth about $32,000. 19.29% of the stock is currently 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.