ATRenew (NYSE:RERE) Downgraded by Wall Street Zen to “Buy”

ATRenew (NYSE:RERE) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Friday.

ATRenew Stock Up 2.5%

Shares of NYSE RERE opened at $4.36 on Friday. ATRenew has a 12 month low of $2.00 and a 12 month high of $4.93. The company has a market cap of $1.06 billion, a P/E ratio of 36.29 and a beta of 0.24. The business’s 50 day moving average is $3.88 and its two-hundred day moving average is $3.13.

ATRenew announced that its Board of Directors has authorized a share repurchase plan on Monday, June 30th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RERE. BNP Paribas Financial Markets bought a new stake in shares of ATRenew in the fourth quarter valued at about $756,000. Bank of America Corp DE lifted its position in shares of ATRenew by 46.3% in the 4th quarter. Bank of America Corp DE now owns 578,457 shares of the company’s stock worth $1,666,000 after acquiring an additional 183,201 shares during the period. Cubist Systematic Strategies LLC lifted its position in shares of ATRenew by 40.3% in the 4th quarter. Cubist Systematic Strategies LLC now owns 57,025 shares of the company’s stock worth $164,000 after acquiring an additional 16,385 shares during the period. Millennium Management LLC grew its holdings in shares of ATRenew by 252.3% during the 4th quarter. Millennium Management LLC now owns 659,508 shares of the company’s stock worth $1,899,000 after purchasing an additional 472,322 shares in the last quarter. Finally, Man Group plc bought a new stake in shares of ATRenew during the fourth quarter valued at approximately $325,000. Institutional investors 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.