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

by · The Cerbat Gem

Wall Street Zen downgraded shares of ATRenew (NYSE:RERE – Free Report) from a strong-buy rating to a buy rating in a research report released on Saturday.

A number of other equities research analysts have also recently commented on the company. UBS Group assumed coverage on ATRenew in a research note on Tuesday, July 21st. They set a “buy” rating and a $5.50 price objective for the company. Weiss Ratings lowered ATRenew from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $5.50.

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ATRenew Stock Performance

Shares of RERE stock opened at $4.11 on Friday. The firm’s 50 day moving average price is $4.14 and its two-hundred day moving average price is $4.88. ATRenew has a 52-week low of $3.07 and a 52-week high of $6.47. The stock has a market cap of $902.17 million, a PE ratio of 16.45 and a beta of 0.29.

ATRenew (NYSE:RERE – Get Free Report) last issued its earnings results on Friday, May 15th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $893.46 million during the quarter, compared to analysts’ expectations of $856.01 million. ATRenew had a net margin of 1.90% and a return on equity of 11.48%. As a group, sell-side analysts predict that ATRenew will post 0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ATRenew

Several large investors have recently bought and sold shares of RERE. Cubist Systematic Strategies LLC boosted its position in shares of ATRenew by 15.9% during the first quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company’s stock worth $194,000 after purchasing an additional 9,094 shares in the last quarter. Caxton Associates LLP bought a new position in ATRenew during the first quarter worth about $114,000. JPMorgan Chase & Co. grew its stake in ATRenew by 160.9% in the second quarter. JPMorgan Chase & Co. now owns 531,349 shares of the company’s stock valued at $1,759,000 after acquiring an additional 327,715 shares during the period. Marshall Wace LLP grew its stake in ATRenew by 14.2% in the second quarter. Marshall Wace LLP now owns 561,536 shares of the company’s stock valued at $1,859,000 after acquiring an additional 69,801 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in shares of ATRenew by 66.8% in the second quarter. Qube Research & Technologies Ltd now owns 267,728 shares of the company’s stock worth $886,000 after acquiring an additional 107,267 shares in the last quarter. Institutional investors own 19.29% of the company’s stock.

About ATRenew

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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. The company was formerly known as AiHuiShou International Co Ltd.

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