ATRenew (NYSE:RERE) Trading Down 3.2% - Here's Why

Key Points

• ATRenew's shares have declined by 3.2% to $4.42, with a significant drop in trading volume, down 89% from the average session.
• Analysts have mixed ratings on the stock, with Weiss Ratings maintaining a "hold" rating and Wall Street Zen downgrading it from "strong-buy" to "buy".
• ATRenew's Board of Directors has approved a stock buyback plan, signifying belief in the stock's undervaluation despite the authorization to repurchase $0.00 in shares.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) shares fell 3.2% during trading on Friday . The company traded as low as $4.54 and last traded at $4.42. 169,250 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,580,081 shares. The stock had previously closed at $4.56.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RERE. Weiss Ratings restated a "hold (c-)" rating on shares of ATRenew in a research report on Saturday, September 27th. Wall Street Zen downgraded ATRenew from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold".

ATRenew Stock Performance

The firm has a market cap of $1.06 billion, a P/E ratio of 36.34 and a beta of 0.24. The company's 50 day moving average is $4.21 and its 200 day moving average is $3.31.

ATRenew declared that its Board of Directors has approved a stock buyback plan on Monday, June 30th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On ATRenew

Hedge funds have recently made changes to their positions in the stock. PFG Investments LLC bought a new position in shares of ATRenew during the first quarter worth about $40,000. Two Sigma Investments LP raised its position in shares of ATRenew by 38.2% during the fourth quarter. Two Sigma Investments LP now owns 108,516 shares of the company's stock worth $313,000 after acquiring an additional 30,000 shares during the last quarter. Harbour Capital Advisors LLC bought a new position in shares of ATRenew during the first quarter worth about $33,000. Bank of America Corp DE raised its stake in ATRenew by 46.3% during the fourth quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock worth $1,666,000 after buying an additional 183,201 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in ATRenew during the fourth quarter worth $50,000. 19.29% of the stock is currently owned by 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.

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