ATRenew (NYSE:RERE) Trading Up 7.5% - Here's Why

ATRenew Inc. (NYSE:RERE - Get Free Report) was up 7.5% during mid-day trading on Monday . The company traded as high as $2.61 and last traded at $2.67. Approximately 166,250 shares changed hands during trading, a decline of 84% from the average daily volume of 1,042,412 shares. The stock had previously closed at $2.48.

Analysts Set New Price Targets

Separately, Wall Street Zen raised ATRenew from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th.

ATRenew Stock Up 11.1%

The stock has a fifty day moving average of $2.47 and a 200-day moving average of $2.79. The stock has a market cap of $671.87 million, a PE ratio of -54.89, a price-to-earnings-growth ratio of 0.41 and a beta of 0.09.

ATRenew (NYSE:RERE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). ATRenew had a negative net margin of 0.53% and a positive return on equity of 6.87%. The business had revenue of $641.26 million during the quarter, compared to analysts' expectations of $4.62 billion. Equities research analysts forecast that ATRenew Inc. will post 0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ATRenew

Several institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC boosted its stake in shares of ATRenew by 27.4% during the 1st quarter. Acadian Asset Management LLC now owns 2,692,149 shares of the company's stock worth $7,899,000 after acquiring an additional 579,334 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of ATRenew during the 1st quarter worth approximately $114,000. Eschler Asset Management LLP raised its position in shares of ATRenew by 163.6% during the 1st quarter. Eschler Asset Management LLP now owns 226,700 shares of the company's stock worth $666,000 after purchasing an additional 140,700 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of ATRenew by 15.9% during the 1st quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company's stock worth $194,000 after purchasing an additional 9,094 shares during the last quarter. Finally, Harber Asset Management LLC raised its position in shares of ATRenew by 0.6% during the 1st quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company's stock worth $3,688,000 after purchasing an additional 7,750 shares during the last quarter. 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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