ATRenew (NYSE:RERE) Trading Up 8.4% – Here’s Why

ATRenew Inc. (NYSE:RERE) shot up 8.4% during mid-day trading on Tuesday . The stock traded as high as $2.73 and last traded at $2.72. 344,761 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,034,097 shares. The stock had previously closed at $2.51.

ATRenew Stock Performance

The company has a market cap of $641.38 million, a price-to-earnings ratio of -22.33, a PEG ratio of 0.60 and a beta of -0.16. The firm’s 50-day moving average price is $2.52 and its 200 day moving average price is $2.37.

ATRenew (NYSE:RERE) last issued its earnings results on Tuesday, August 20th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). ATRenew had a negative net margin of 0.99% and a positive return on equity of 4.80%. The business had revenue of $519.69 million for the quarter, compared to the consensus estimate of $514.00 million. As a group, equities research analysts predict that ATRenew Inc. will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On ATRenew

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC raised its position in shares of ATRenew by 30.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 47,351 shares of the company’s stock valued at $112,000 after acquiring an additional 11,011 shares during the period. Virtu Financial LLC bought a new position in shares of ATRenew during the first quarter worth $134,000. Marshall Wace LLP grew its holdings in shares of ATRenew by 231.8% in the 2nd quarter. Marshall Wace LLP now owns 192,036 shares of the company’s stock valued at $455,000 after buying an additional 134,151 shares during the period. Renaissance Technologies LLC increased its position in shares of ATRenew by 26.0% in the 2nd quarter. Renaissance Technologies LLC now owns 560,853 shares of the company’s stock valued at $1,329,000 after buying an additional 115,853 shares in the last quarter. Finally, BRIGHT VALLEY CAPITAL Ltd acquired a new stake in ATRenew during the 2nd quarter worth $1,396,000. Institutional investors own 19.29% of the company’s stock.

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.