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

Key Points

• ATRenew has been upgraded from a "buy" rating to a "strong-buy" rating by Wall Street Zen, indicating increased analyst confidence in the stock's potential.
• The company recently reported $0.04 earnings per share (EPS) for the quarter, falling short of the expected $0.05, along with revenues significantly below analysts' forecasts.
• ATRenew has authorized a share repurchase program, suggesting that management believes the company's shares are currently undervalued.

ATRenew (NYSE:RERE - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

ATRenew Stock Performance

NYSE:RERE opened at $3.12 on Friday. The stock has a 50-day simple moving average of $3.12 and a 200-day simple moving average of $2.88. The stock has a market cap of $760.87 million, a P/E ratio of 44.57 and a beta of 0.20. ATRenew has a 1 year low of $2.00 and a 1 year high of $4.35.

ATRenew (NYSE:RERE - Get Free Report) last announced its 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). The business had revenue of $641.26 million for the quarter, compared to analysts' expectations of $4.62 billion. ATRenew had a return on equity of 8.91% and a net margin of 0.73%. On average, equities research analysts predict that ATRenew will post 0.09 EPS for the current year.

ATRenew announced that its board has approved a share repurchase program on Monday, June 30th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RERE. NewEdge Advisors LLC acquired a new position in ATRenew during the fourth quarter worth about $29,000. JTC Employer Solutions Trustee Ltd purchased a new stake in ATRenew during the 1st quarter worth $32,000. Harbour Capital Advisors LLC purchased a new position in shares of ATRenew during the 1st quarter valued at approximately $33,000. PFG Investments LLC bought a new stake in ATRenew in the first quarter valued at about $40,000. Finally, Virtu Financial LLC bought a new position in shares of ATRenew in the 1st quarter worth about $48,000. 19.29% of the stock is currently owned by institutional investors and hedge funds.

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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