ATRenew (NYSE:RERE) Shares Down 8.7% – Here’s What Happened

ATRenew Inc. Sponsored ADR (NYSE:RERE) shares traded down 8.7% during trading on Friday . The stock traded as low as $3.86 and last traded at $3.84. 1,889,535 shares traded hands during trading, an increase of 20% from the average session volume of 1,579,554 shares. The stock had previously closed at $4.20.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of ATRenew in a research note on Wednesday. Wall Street Zen downgraded ATRenew from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, ATRenew presently has an average rating of “Hold”.

ATRenew Trading Down 10.8%

The firm has a market capitalization of $913.29 million, a PE ratio of 31.21 and a beta of 0.24. The business has a 50 day moving average price of $4.32 and a 200-day moving average price of $3.35.

ATRenew declared that its Board of Directors has initiated a share repurchase program on Monday, June 30th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On ATRenew

A number of large investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its holdings in shares of ATRenew by 41.9% in the 2nd quarter. Acadian Asset Management LLC now owns 3,820,082 shares of the company’s stock worth $12,622,000 after acquiring an additional 1,127,933 shares during the period. Prescott Group Capital Management L.L.C. grew its holdings in shares of ATRenew by 4.0% in the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 3,155,436 shares of the company’s stock worth $10,444,000 after acquiring an additional 120,000 shares during the period. Invesco Ltd. grew its holdings in shares of ATRenew by 45.6% in the 1st quarter. Invesco Ltd. now owns 2,760,925 shares of the company’s stock worth $8,117,000 after acquiring an additional 864,048 shares during the period. Harber Asset Management LLC grew its holdings in shares of ATRenew by 0.6% in the 1st quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company’s stock worth $3,688,000 after acquiring an additional 7,750 shares during the period. Finally, Marshall Wace LLP grew its holdings in shares of ATRenew by 14.2% in the 2nd 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 during the period. 19.29% of the stock is owned by hedge funds and other institutional investors.

ATRenew Company Profile

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.