ATRenew (NYSE:RERE) Trading 5.9% Higher - Here's Why

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 rose 5.9% during mid-day trading on Monday . The company traded as high as $4.49 and last traded at $4.60. Approximately 185,440 shares traded hands during trading, a decline of 88% from the average daily volume of 1,580,523 shares. The stock had previously closed at $4.34.

Analyst Ratings Changes

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

ATRenew Trading Up 1.5%

The company has a 50 day simple moving average of $3.97 and a two-hundred day simple moving average of $3.18. The firm has a market capitalization of $1.07 billion, a P/E ratio of 36.71 and a beta of 0.24.

ATRenew announced that its Board of Directors has approved a stock repurchase program on Monday, June 30th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On ATRenew

Several institutional investors have recently added to or reduced their stakes in the company. E Fund Management Co. Ltd. bought a new stake in shares of ATRenew in the 2nd quarter worth about $406,000. BNP Paribas Financial Markets boosted its stake in ATRenew by 8.1% during the second quarter. BNP Paribas Financial Markets now owns 330,297 shares of the company's stock worth $1,093,000 after buying an additional 24,674 shares during the period. Jane Street Group LLC increased its position in ATRenew by 323.0% during the second quarter. Jane Street Group LLC now owns 212,183 shares of the company's stock valued at $702,000 after acquiring an additional 162,021 shares during the last quarter. Sei Investments Co. raised its stake in shares of ATRenew by 121.0% in the second quarter. Sei Investments Co. now owns 154,591 shares of the company's stock valued at $512,000 after acquiring an additional 84,644 shares during the period. Finally, Qube Research & Technologies Ltd raised its stake in shares of ATRenew by 66.8% in the second quarter. Qube Research & Technologies Ltd now owns 267,728 shares of the company's stock valued at $886,000 after acquiring an additional 107,267 shares during the period. 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.

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