ATRenew (NYSE:RERE) Stock Price Down 3.9% - Should You Sell?

Key Points

• ATRenew shares fell 3.9% to about $3.93 in midday trading, with volume down 83% from the average session. The stock remains below its 50-day and 200-day moving averages.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and a $5.50 price target. UBS initiated coverage with a Buy rating, while CICC rated the stock Outperform.
• ATRenew exceeded quarterly expectations, reporting $0.10 in earnings per share versus a $0.09 estimate and revenue of $972.82 million versus $930.34 million expected. Institutional investors own 19.29% of the company, with several funds increasing their positions.

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report) shares traded down 3.9% during mid-day trading on Tuesday . The stock traded as low as $3.95 and last traded at $3.93. Approximately 196,698 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,151,554 shares. The stock had previously closed at $4.09.

Analyst Upgrades and Downgrades

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

ATRenew Stock Performance

The firm has a market cap of $874.09 million, a price-to-earnings ratio of 13.67 and a beta of 0.31. The stock has a 50-day moving average of $4.10 and a 200-day moving average of $4.66.

ATRenew (NYSE:RERE - Get Free Report) last issued its quarterly earnings results on Thursday, August 20th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $972.82 million during the quarter, compared to analysts' expectations of $930.34 million. ATRenew had a net margin of 2.01% and a return on equity of 12.32%. Sell-side analysts predict that ATRenew Inc. Sponsored ADR will post 0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On ATRenew

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC boosted its stake in shares of ATRenew by 15.9% during the 1st quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company's stock worth $194,000 after buying an additional 9,094 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of ATRenew in the first quarter valued at about $114,000. JPMorgan Chase & Co. raised its holdings in ATRenew by 160.9% during the second quarter. JPMorgan Chase & Co. now owns 531,349 shares of the company's stock worth $1,759,000 after acquiring an additional 327,715 shares in the last quarter. Marshall Wace LLP raised its holdings in ATRenew by 14.2% during the second quarter. Marshall Wace LLP now owns 561,536 shares of the company's stock worth $1,859,000 after acquiring an additional 69,801 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in ATRenew by 66.8% during the second quarter. Qube Research & Technologies Ltd now owns 267,728 shares of the company's stock valued at $886,000 after purchasing an additional 107,267 shares during the last quarter. 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. The company was formerly known as AiHuiShou International Co Ltd.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source