ATRenew (NYSE:RERE) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of ATRenew (NYSE:RERE) from a buy rating to a strong-buy rating in a research report released on Sunday.

ATRenew Price Performance

RERE stock opened at $3.36 on Friday. The business has a 50-day moving average price of $2.68 and a 200 day moving average price of $2.77. The company has a market capitalization of $819.40 million, a P/E ratio of 48.00 and a beta of 0.20. ATRenew has a 1-year low of $2.00 and a 1-year high of $3.70.

ATRenew (NYSE:RERE) last released its quarterly earnings data on Tuesday, May 20th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $641.26 million during the quarter, compared to the consensus estimate of $4.62 billion. ATRenew had a net margin of 0.73% and a return on equity of 8.91%. On average, analysts anticipate that ATRenew will post 0.09 earnings per share for the current fiscal year.

ATRenew declared that its Board of Directors has approved a share buyback program on Monday, June 30th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On ATRenew

A number of large investors have recently added to or reduced their stakes in the company. Harber Asset Management LLC raised its holdings in ATRenew by 0.6% in the first quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company’s stock worth $3,688,000 after purchasing an additional 7,750 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in ATRenew by 16.2% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 56,401 shares of the company’s stock worth $162,000 after purchasing an additional 7,883 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in ATRenew by 15.9% in the first quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company’s stock worth $194,000 after purchasing an additional 9,094 shares in the last quarter. NewEdge Advisors LLC bought a new position in ATRenew in the fourth quarter worth about $29,000. Finally, Walleye Capital LLC raised its holdings in ATRenew by 2.5% in the first quarter. Walleye Capital LLC now owns 444,584 shares of the company’s stock worth $1,307,000 after purchasing an additional 10,725 shares in the last quarter. 19.29% of the stock is currently owned by institutional investors.

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.