ATRenew (NYSE:RERE) Shares Up 5.9% - Here's What Happened

Key Points

• ATRenew Inc. saw its share price rise by 5.9% during mid-day trading on Monday, closing at $4.60, despite a significant drop in trading volume.
• Analyst ratings were downgraded from a "strong-buy" to a "buy" as of September 5th, reflecting a change in market sentiment towards the stock.
• The company's Board of Directors has approved a stock repurchase program, suggesting they believe their shares are undervalued.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s share price traded up 5.9% during mid-day trading on Monday . The company traded as high as $4.49 and last traded at $4.60. 185,440 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,580,523 shares. The stock had previously closed at $4.34.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of ATRenew from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th.

ATRenew Price Performance

The company has a market capitalization of $1.02 billion, a PE ratio of 34.92 and a beta of 0.24. The firm has a 50-day moving average of $4.02 and a 200 day moving average of $3.23.

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

Hedge Funds Weigh In On ATRenew

Institutional investors and hedge funds have recently modified their holdings of the company. PFG Investments LLC bought a new position in ATRenew in the first quarter worth approximately $40,000. Two Sigma Investments LP increased its stake in shares of ATRenew by 38.2% in the 4th quarter. Two Sigma Investments LP now owns 108,516 shares of the company's stock worth $313,000 after purchasing an additional 30,000 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in ATRenew in the 1st quarter worth $33,000. Bank of America Corp DE lifted its position in ATRenew by 46.3% during the fourth quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock valued at $1,666,000 after purchasing an additional 183,201 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in ATRenew by 77.2% during the first quarter. QRG Capital Management Inc. now owns 29,710 shares of the company's stock valued at $87,000 after purchasing an additional 12,946 shares during the period. 19.29% of the stock is currently owned by hedge funds and other institutional investors.

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.