ATRenew (NYSE:RERE) Rating Lowered to “Buy” at Wall Street Zen

ATRenew (NYSE:RERE) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

ATRenew Trading Down 3.0%

Shares of RERE stock opened at $3.57 on Friday. ATRenew has a twelve month low of $2.00 and a twelve month high of $4.35. The stock has a market capitalization of $870.62 million, a price-to-earnings ratio of 51.00 and a beta of 0.20. The stock has a fifty day simple moving average of $2.88 and a two-hundred day simple moving average of $2.81.

ATRenew (NYSE:RERE) last issued its earnings results 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). ATRenew had a return on equity of 8.91% and a net margin of 0.73%. The firm had revenue of $641.26 million during the quarter, compared to analysts’ expectations of $4.62 billion. Research analysts predict that ATRenew will post 0.09 EPS for the current fiscal year.

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

Institutional Investors Weigh In On ATRenew

A number of hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC purchased a new stake in shares of ATRenew during the fourth quarter valued at about $29,000. JTC Employer Solutions Trustee Ltd purchased a new stake in ATRenew during the first quarter valued at approximately $32,000. Harbour Capital Advisors LLC purchased a new stake in ATRenew during the first quarter valued at approximately $33,000. PFG Investments LLC purchased a new stake in ATRenew during the first quarter valued at approximately $40,000. Finally, Virtu Financial LLC purchased a new stake in shares of ATRenew during the 1st quarter valued at $48,000. 19.29% of the stock is currently owned by hedge funds and other 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.