ATRenew (NYSE:RERE) Shares Gap Down – Here’s Why

ATRenew Inc. (NYSE:RERE)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $3.17, but opened at $3.00. ATRenew shares last traded at $3.17, with a volume of 194,260 shares trading hands.

ATRenew Stock Performance

The company has a market capitalization of $757.22 million, a PE ratio of -62.09, a price-to-earnings-growth ratio of 0.41 and a beta of 0.08. The stock’s fifty day simple moving average is $2.94 and its 200-day simple moving average is $2.78.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in ATRenew by 16.2% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 56,401 shares of the company’s stock valued at $162,000 after purchasing an additional 7,883 shares in the last quarter. NewEdge Advisors LLC purchased a new position in ATRenew in the 4th quarter valued at about $29,000. Walleye Capital LLC acquired a new position in shares of ATRenew during the 3rd quarter valued at about $32,000. Cubist Systematic Strategies LLC increased its stake in shares of ATRenew by 40.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 57,025 shares of the company’s stock valued at $164,000 after acquiring an additional 16,385 shares during the last quarter. Finally, QRG Capital Management Inc. acquired a new position in shares of ATRenew during the 4th quarter valued at about $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.