ATRenew (NYSE:RERE) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of ATRenew (NYSE:RERE - Free Report) from a buy rating to a strong-buy rating in a research report released on Sunday morning.

ATRenew Stock Performance

Shares of RERE traded up $0.14 during mid-day trading on Friday, reaching $3.50. The company had a trading volume of 1,258,699 shares, compared to its average volume of 1,038,015. ATRenew has a 52 week low of $2.00 and a 52 week high of $3.70. The company has a market capitalization of $852.33 million, a price-to-earnings ratio of 49.94 and a beta of 0.20. The firm has a 50-day moving average price of $2.68 and a 200 day moving average price of $2.77.

ATRenew (NYSE:RERE - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $641.26 million during the quarter, compared to the consensus estimate of $4.62 billion. ATRenew had a net margin of 0.73% and a return on equity of 8.91%. As a group, research analysts forecast that ATRenew will post 0.09 earnings per share for the current fiscal year.

ATRenew declared that its Board of Directors has authorized a stock buyback program on Monday, June 30th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On ATRenew

Hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC purchased a new position in ATRenew during the fourth quarter valued at $29,000. JTC Employer Solutions Trustee Ltd bought a new position in shares of ATRenew in the first quarter worth about $32,000. Harbour Capital Advisors LLC purchased a new position in shares of ATRenew during the 1st quarter valued at about $33,000. PFG Investments LLC bought a new position in shares of ATRenew during the 1st quarter valued at approximately $40,000. Finally, QRG Capital Management Inc. purchased a new stake in ATRenew in the 4th quarter worth approximately $48,000. 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.