Eschler Asset Management LLP Purchases 140,700 Shares of ATRenew Inc. Sponsored ADR $RERE

Key Points

• Eschler Asset Management LLP increased its stake in ATRenew Inc. by 163.6%, acquiring a total of 226,700 shares during the first quarter.
• ATRenew's board has initiated a stock repurchase program, which suggests that leadership believes the company’s shares are currently undervalued.
• Wall Street Zen recently upgraded ATRenew from a "buy" rating to a "strong-buy" rating, indicating increased investor confidence.

Eschler Asset Management LLP increased its stake in shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Free Report) by 163.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 226,700 shares of the company's stock after purchasing an additional 140,700 shares during the quarter. ATRenew comprises about 1.7% of Eschler Asset Management LLP's portfolio, making the stock its 23rd biggest position. Eschler Asset Management LLP owned 0.09% of ATRenew worth $666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in RERE. JTC Employer Solutions Trustee Ltd bought a new stake in shares of ATRenew during the 1st quarter worth about $32,000. Harbour Capital Advisors LLC acquired a new position in ATRenew during the first quarter worth $33,000. PFG Investments LLC purchased a new stake in shares of ATRenew in the first quarter valued at about $40,000. Virtu Financial LLC bought a new position in ATRenew during the first quarter valued at about $48,000. Finally, Squarepoint Ops LLC bought a new position in shares of ATRenew in the fourth quarter valued at approximately $50,000. 19.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of ATRenew from a "strong-buy" rating to a "buy" rating in a research note on Friday.

ATRenew Trading Up 1.0%

RERE traded up $0.05 during trading hours on Tuesday, hitting $4.34. The company's stock had a trading volume of 833,832 shares, compared to its average volume of 1,591,811. The business's 50-day moving average price is $3.90 and its 200-day moving average price is $3.15. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 36.13 and a beta of 0.24. ATRenew Inc. Sponsored ADR has a 12 month low of $2.00 and a 12 month high of $4.93.

ATRenew announced that its Board of Directors has initiated a share buyback plan on Monday, June 30th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

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.