ATRenew (NYSE:RERE) Stock Price Up 6.1% - Time to Buy?

Shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) shot up 6.1% on Friday . The company traded as high as $3.62 and last traded at $3.59. 1,296,110 shares were traded during trading, an increase of 10% from the average session volume of 1,176,412 shares. The stock had previously closed at $3.38.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded ATRenew from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th.

ATRenew Stock Up 8.6%

The company has a fifty day simple moving average of $2.99 and a 200 day simple moving average of $2.84. The firm has a market capitalization of $895.00 million, a P/E ratio of 52.43 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). ATRenew had a return on equity of 8.91% and a net margin of 0.73%. The business had revenue of $641.26 million for the quarter, compared to analysts' expectations of $4.62 billion. As a group, equities analysts expect that ATRenew Inc. Sponsored ADR will post 0.09 earnings per share for the current fiscal year.

ATRenew announced that its Board of Directors has initiated a share buyback program on Monday, June 30th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. PFG Investments LLC acquired a new stake in shares of ATRenew in the 1st quarter worth $40,000. Two Sigma Investments LP lifted its position in ATRenew by 38.2% during the 4th 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 period. Harbour Capital Advisors LLC acquired a new stake in ATRenew during the 1st quarter worth about $33,000. Bank of America Corp DE lifted its position in ATRenew by 46.3% during the 4th quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock worth $1,666,000 after acquiring an additional 183,201 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in ATRenew during the 4th quarter worth about $50,000. 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.