ATRenew Inc. Sponsored ADR (NYSE:RERE) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 64.9% to 2.64 million shares as of August 31, representing 1.3% of ATRenew’s outstanding shares and 1.6 days of average trading volume.
• Institutional ownership stands at 19.29%, with several firms initiating positions or increasing holdings. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $5.50 average price target.
• ATRenew reported quarterly EPS of $0.10, topping estimates by $0.01, while revenue of $972.82 million also exceeded expectations. Shares opened at $3.94, below both their 50-day and 200-day moving averages.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 2,636,287 shares, an increase of 64.9% from the August 15th total of 1,598,963 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average trading volume of 1,616,004 shares, the short-interest ratio is presently 1.6 days.

Hedge Funds Weigh In On ATRenew

Several hedge funds and other institutional investors have recently modified their holdings of RERE. Public Employees Retirement System of Ohio purchased a new stake in ATRenew in the second quarter valued at $755,000. Lazard Asset Management LLC purchased a new position in shares of ATRenew during the 1st quarter worth $540,000. Renaissance Technologies LLC purchased a new position in shares of ATRenew during the 1st quarter worth $2,368,000. Caxton Associates LLP acquired a new stake in shares of ATRenew during the 1st quarter worth about $351,000. Finally, Precision Wealth Strategies LLC increased its position in shares of ATRenew by 17.7% during the 1st quarter. Precision Wealth Strategies LLC now owns 296,399 shares of the company's stock worth $1,390,000 after purchasing an additional 44,659 shares during the last quarter. 19.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RERE has been the topic of a number of analyst reports. UBS Group initiated coverage on ATRenew in a research report on Tuesday, July 21st. They set a "buy" rating and a $5.50 target price on the stock. Wall Street Zen cut ATRenew from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Weiss Ratings reiterated a "hold (c)" rating on shares of ATRenew in a research report on Wednesday, July 29th. Finally, CICC Research initiated coverage on ATRenew in a research report on Thursday, August 20th. They issued an "outperform" rating for the company. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $5.50.

ATRenew Price Performance

NYSE RERE opened at $3.94 on Thursday. The stock's 50 day simple moving average is $4.15 and its 200-day simple moving average is $4.46. The company has a market cap of $865.53 million, a PE ratio of 13.60 and a beta of 0.33. ATRenew has a 1-year low of $3.50 and a 1-year high of $6.47.

ATRenew (NYSE:RERE - Get Free Report) last posted its quarterly earnings data on Thursday, August 20th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. ATRenew had a return on equity of 12.32% and a net margin of 2.01%.The firm had revenue of $972.82 million during the quarter, compared to the consensus estimate of $930.34 million. On average, equities research analysts anticipate that ATRenew will post 0.37 EPS for the current fiscal year.

ATRenew Company Profile

ATRenew Inc NYSE: RERE, formerly known as AiHuiShou, operates a technology-enabled platform for consumer electronics recycling and resale in China. The company focuses primarily on used mobile phones, tablets, laptops, cameras and other digital devices, helping consumers and businesses sell, trade in, recycle and purchase pre-owned electronics.

ATRenew's services cover the resale process from device collection and inspection to data erasure, quality grading, pricing, refurbishment and fulfillment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.