ATRenew (NYSE:RERE) Trading Down 3.9% Following Weak Earnings

ATRenew Inc. (NYSE:RERE)’s share price dropped 3.9% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $2.73 and last traded at $2.73. Approximately 782,712 shares were traded during trading, a decline of 28% from the average daily volume of 1,088,095 shares. The stock had previously closed at $2.84.

The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). ATRenew had a positive return on equity of 6.87% and a negative net margin of 0.53%.

Hedge Funds Weigh In On ATRenew

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in ATRenew during the fourth quarter worth approximately $137,000. QRG Capital Management Inc. bought a new stake in shares of ATRenew in the 4th quarter worth $48,000. Prescott Group Capital Management L.L.C. increased its stake in ATRenew by 31.3% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 3,035,436 shares of the company’s stock valued at $8,742,000 after buying an additional 724,415 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its position in shares of ATRenew by 33.4% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 1,399,214 shares of the company’s stock worth $4,016,000 after buying an additional 350,000 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of ATRenew by 16.2% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 56,401 shares of the company’s stock worth $162,000 after buying an additional 7,883 shares during the last quarter. Institutional investors own 19.29% of the company’s stock.

ATRenew Price Performance

The company has a market capitalization of $665.77 million, a P/E ratio of -54.59, a price-to-earnings-growth ratio of 0.41 and a beta of 0.06. The firm has a fifty day moving average price of $2.64 and a 200-day moving average price of $2.79.

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.