ATRenew Inc. Sponsored ADR (NYSE:RERE) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in ATRenew Inc. by 66.7%, selling 122,867 shares and leaving it with 61,398 shares valued at $181,000.
• ATRenew's quarterly earnings showed a miss, with earnings per share of $0.04, below the consensus estimate of $0.05, and revenue significantly lower than expected at $641.26 million.
• The company's board has approved a share repurchase program indicating confidence that its shares are undervalued, even as Wall Street ratings were downgraded from "strong-buy" to "buy".

Mackenzie Financial Corp decreased its stake in shares of ATRenew Inc. Sponsored ADR (NYSE:RERE - Free Report) by 66.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,398 shares of the company's stock after selling 122,867 shares during the quarter. Mackenzie Financial Corp's holdings in ATRenew were worth $181,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RERE. NewEdge Advisors LLC purchased a new position in shares of ATRenew in the 4th quarter worth approximately $29,000. JTC Employer Solutions Trustee Ltd purchased a new position in shares of ATRenew in the 1st quarter worth approximately $32,000. Harbour Capital Advisors LLC purchased a new position in shares of ATRenew in the 1st quarter worth approximately $33,000. QRG Capital Management Inc. grew its position in shares of ATRenew by 77.2% in the 1st quarter. QRG Capital Management Inc. now owns 29,710 shares of the company's stock worth $87,000 after buying an additional 12,946 shares during the last quarter. Finally, PFG Investments LLC purchased a new position in shares of ATRenew in the 1st quarter worth approximately $40,000. Institutional investors own 19.29% of the company's stock.

ATRenew Stock Up 2.1%

Shares of ATRenew stock traded up $0.08 on Tuesday, reaching $3.98. The stock had a trading volume of 6,144,858 shares, compared to its average volume of 1,348,486. The company has a 50 day moving average price of $3.24 and a 200 day moving average price of $2.93. ATRenew Inc. Sponsored ADR has a 1 year low of $2.00 and a 1 year high of $4.35. The stock has a market capitalization of $970.60 million, a P/E ratio of 56.86 and a beta of 0.20.

ATRenew (NYSE:RERE - Get Free Report) last issued its quarterly 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). ATRenew had a net margin of 0.73% and a return on equity of 8.91%. The company had revenue of $641.26 million for the quarter, compared to analyst estimates of $4.62 billion. On average, analysts forecast that ATRenew Inc. Sponsored ADR will post 0.09 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

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

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.