ATRenew (NYSE:RERE) Shares Down 3.9% on Disappointing Earnings

Shares of ATRenew Inc. (NYSE:RERE) traded down 3.9% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.73 and last traded at $2.73. 782,712 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 1,088,095 shares. The stock had previously closed at $2.84.

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

Institutional Investors Weigh In On ATRenew

Hedge funds have recently made changes to their positions in the stock. Caxton Associates LLP purchased a new position in ATRenew in the first quarter valued at about $114,000. Eschler Asset Management LLP boosted its holdings in shares of ATRenew by 163.6% in the 1st quarter. Eschler Asset Management LLP now owns 226,700 shares of the company’s stock valued at $666,000 after buying an additional 140,700 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in shares of ATRenew by 15.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company’s stock worth $194,000 after buying an additional 9,094 shares during the last quarter. Harber Asset Management LLC raised its stake in shares of ATRenew by 0.6% during 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 in the last quarter. Finally, Walleye Capital LLC raised its stake in shares of ATRenew by 2.5% during the 1st quarter. Walleye Capital LLC now owns 444,584 shares of the company’s stock worth $1,307,000 after acquiring an additional 10,725 shares in the last quarter. 19.29% of the stock is currently owned by hedge funds and other institutional investors.

ATRenew Price Performance

The company has a market cap of $656.02 million, a PE ratio of -53.79, a PEG ratio of 0.41 and a beta of 0.06. The stock’s 50-day moving average is $2.63 and its 200 day moving average is $2.79.

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.