ATRenew (NYSE:RERE) Trading Up 6.1% - Here's What Happened

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s share price shot up 6.1% during trading on Friday . The company traded as high as $3.62 and last traded at $3.59. 1,296,110 shares changed hands during mid-day 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 lowered ATRenew from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th.

ATRenew Stock Down 3.7%

The stock has a market cap of $864.52 million, a P/E ratio of 50.64 and a beta of 0.20. The firm has a 50 day simple moving average of $2.99 and a 200-day simple moving average of $2.84.

ATRenew (NYSE:RERE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 20th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). ATRenew had a return on equity of 8.91% and a net margin of 0.73%. The company had revenue of $641.26 million for the quarter, compared to analyst estimates of $4.62 billion. On average, equities analysts anticipate that ATRenew Inc. Sponsored ADR will post 0.09 earnings per share for the current year.

ATRenew declared that its board has initiated a share repurchase plan on Monday, June 30th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its shares are undervalued.

Institutional Trading of ATRenew

Several institutional investors have recently added to or reduced their stakes in the business. Prescott Group Capital Management L.L.C. raised its position in shares of ATRenew by 31.3% during the 4th quarter. Prescott Group Capital Management L.L.C. now owns 3,035,436 shares of the company's stock valued at $8,742,000 after purchasing an additional 724,415 shares during the period. Invesco Ltd. increased its holdings in ATRenew by 45.6% in the 1st quarter. Invesco Ltd. now owns 2,760,925 shares of the company's stock valued at $8,117,000 after acquiring an additional 864,048 shares during the last quarter. Acadian Asset Management LLC increased its holdings in ATRenew by 27.4% in the 1st quarter. Acadian Asset Management LLC now owns 2,692,149 shares of the company's stock valued at $7,899,000 after acquiring an additional 579,334 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of ATRenew in the 4th quarter worth about $6,623,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of ATRenew by 101.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,636,473 shares of the company's stock worth $4,713,000 after buying an additional 822,998 shares during the last quarter. 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.