Share Repurchase Program Announced by ATRenew (NYSE:RERE)

ATRenew (NYSE:RERE - Get Free Report) declared that its Board of Directors has authorized a stock repurchase program on Monday, June 30th, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

ATRenew Trading Down 4.6%

NYSE RERE traded down $0.16 on Monday, hitting $3.33. 3,203,193 shares of the company's stock were exchanged, compared to its average volume of 1,033,871. The stock has a 50-day moving average of $2.63 and a 200-day moving average of $2.76. The stock has a market cap of $812.09 million, a price-to-earnings ratio of 47.57 and a beta of 0.09. ATRenew has a 52 week low of $2.00 and a 52 week high of $3.70.

ATRenew (NYSE:RERE - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The company reported $0.04 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 during the quarter, compared to the consensus estimate of $4.62 billion. As a group, analysts predict that ATRenew will post 0.09 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of ATRenew from a "buy" rating to a "strong-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.

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