Acadian Asset Management LLC Has $7.90 Million Stock Position in ATRenew Inc. Sponsored ADR $RERE

Key Points

• Acadian Asset Management LLC increased its holdings in ATRenew Inc. by 27.4%, owning approximately 2.69 million shares valued at $7.9 million.
• Wall Street analysts downgraded ATRenew from a "strong-buy" rating to a "buy" rating as of September 5th.
• ATRenew Inc. has authorized a stock repurchase program, signaling that its management believes the stock is undervalued.

Acadian Asset Management LLC lifted its position in shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Free Report) by 27.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,692,149 shares of the company's stock after purchasing an additional 579,334 shares during the period. Acadian Asset Management LLC owned 1.10% of ATRenew worth $7,899,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Prescott Group Capital Management L.L.C. increased its stake in shares of ATRenew by 31.3% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 3,035,436 shares of the company's stock worth $8,742,000 after purchasing an additional 724,415 shares during the period. Invesco Ltd. increased its stake in shares of ATRenew by 45.6% during the first quarter. Invesco Ltd. now owns 2,760,925 shares of the company's stock worth $8,117,000 after purchasing an additional 864,048 shares during the period. Harber Asset Management LLC increased its stake in shares of ATRenew by 0.6% during the first 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 period. Millennium Management LLC increased its stake in shares of ATRenew by 252.3% during the fourth quarter. Millennium Management LLC now owns 659,508 shares of the company's stock worth $1,899,000 after purchasing an additional 472,322 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of ATRenew by 46.3% during the fourth quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock worth $1,666,000 after purchasing an additional 183,201 shares during the period. Institutional investors own 19.29% of the company's stock.

ATRenew Price Performance

NYSE:RERE traded down $0.01 during trading hours on Thursday, reaching $4.26. 454,543 shares of the company were exchanged, compared to its average volume of 1,588,046. The company has a market capitalization of $1.04 billion, a P/E ratio of 35.46 and a beta of 0.24. ATRenew Inc. Sponsored ADR has a 1-year low of $2.00 and a 1-year high of $4.93. The business has a 50 day moving average of $4.00 and a 200 day moving average of $3.21.

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered ATRenew from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th.

ATRenew 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.