Wall Street Zen Downgrades ATRenew (NYSE:RERE) to Buy

ATRenew (NYSE:RERE) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

ATRenew Stock Up 3.2%

Shares of RERE opened at $3.60 on Friday. ATRenew has a fifty-two week low of $2.00 and a fifty-two week high of $4.35. The firm’s 50 day moving average price is $3.21 and its 200 day moving average price is $2.92. The company has a market cap of $877.93 million, a P/E ratio of 51.43 and a beta of 0.20.

ATRenew (NYSE:RERE) last issued its earnings results on Tuesday, May 20th. 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 net margin of 0.73% and a return on equity of 8.91%. The company had revenue of $641.26 million during the quarter, compared to analyst estimates of $4.62 billion. Research analysts forecast that ATRenew will post 0.09 earnings per share for the current year.

ATRenew announced that its Board of Directors has approved a stock buyback plan on Monday, June 30th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of ATRenew

Several hedge funds and other institutional investors have recently made changes to their positions in RERE. Acadian Asset Management LLC increased its holdings in ATRenew by 41.9% during the 2nd quarter. Acadian Asset Management LLC now owns 3,820,082 shares of the company’s stock valued at $12,622,000 after acquiring an additional 1,127,933 shares in the last quarter. Prescott Group Capital Management L.L.C. increased its holdings in ATRenew by 4.0% during the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 3,155,436 shares of the company’s stock valued at $10,444,000 after acquiring an additional 120,000 shares in the last quarter. Invesco Ltd. increased its holdings in ATRenew by 45.6% during the 1st quarter. Invesco Ltd. now owns 2,760,925 shares of the company’s stock valued at $8,117,000 after acquiring an additional 864,048 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in ATRenew during the 4th quarter valued at about $6,623,000. Finally, Harber Asset Management LLC increased its holdings in ATRenew by 0.6% during the 1st quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company’s stock valued at $3,688,000 after acquiring an additional 7,750 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.