ATRenew (NYSE:RERE) Shares Up 5.9% – Time to Buy?

ATRenew Inc. Sponsored ADR (NYSE:RERE)’s share price shot up 5.9% during mid-day trading on Thursday . The stock traded as high as $4.21 and last traded at $4.2450. 295,455 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,155,292 shares. The stock had previously closed at $4.01.

Analysts Set New Price Targets

Several equities analysts have weighed in on RERE shares. Weiss Ratings cut ATRenew from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of ATRenew from a “buy” rating to a “strong-buy” rating in a report on Sunday, March 22nd. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, ATRenew presently has an average rating of “Hold”.

ATRenew Price Performance

The firm has a market capitalization of $931.34 million, a PE ratio of 16.94 and a beta of 0.29. The company has a fifty day moving average of $4.25 and a 200-day moving average of $4.97.

ATRenew (NYSE:RERE) last issued its earnings results on Friday, May 15th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. ATRenew had a return on equity of 11.48% and a net margin of 1.90%.The firm had revenue of $893.46 million for the quarter, compared to the consensus estimate of $856.01 million. Equities analysts anticipate that ATRenew Inc. Sponsored ADR will post 0.4 EPS for the current year.

Hedge Funds Weigh In On ATRenew

A number of hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in ATRenew in the first quarter worth approximately $540,000. Renaissance Technologies LLC acquired a new stake in ATRenew in the first quarter valued at approximately $2,368,000. Caxton Associates LLP acquired a new position in shares of ATRenew during the 1st quarter worth $351,000. Precision Wealth Strategies LLC increased its stake in shares of ATRenew by 17.7% during the 1st quarter. Precision Wealth Strategies LLC now owns 296,399 shares of the company’s stock worth $1,390,000 after purchasing an additional 44,659 shares during the last quarter. Finally, QRG Capital Management Inc. raised its holdings in shares of ATRenew by 90.5% during the 1st quarter. QRG Capital Management Inc. now owns 50,924 shares of the company’s stock valued at $239,000 after purchasing an additional 24,192 shares in the last quarter. Institutional investors and hedge funds own 19.29% of the company’s stock.

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.