ATRenew (NYSE:RERE) Shares Up 7.2% – Here’s Why

ATRenew Inc. Sponsored ADR (NYSE:RERE)’s stock price rose 7.2% during mid-day trading on Wednesday . The company traded as high as $5.59 and last traded at $5.5950. Approximately 544,951 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 1,570,587 shares. The stock had previously closed at $5.22.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RERE. Weiss Ratings reiterated a “hold (c)” rating on shares of ATRenew in a report on Monday, December 8th. Wall Street Zen raised shares of ATRenew from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 22nd. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, ATRenew currently has an average rating of “Hold”.

ATRenew Stock Up 6.4%

The firm’s 50 day simple moving average is $4.32 and its 200-day simple moving average is $3.97. The company has a market capitalization of $1.35 billion, a PE ratio of 34.72 and a beta of 0.20.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its stake in shares of ATRenew by 98.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,950,152 shares of the company’s stock valued at $13,571,000 after purchasing an additional 1,466,383 shares during the period. Acadian Asset Management LLC boosted its position in ATRenew by 41.9% in the 2nd quarter. Acadian Asset Management LLC now owns 3,820,082 shares of the company’s stock valued at $12,622,000 after buying an additional 1,127,933 shares during the last quarter. Citigroup Inc. grew its stake in shares of ATRenew by 109,141.5% during the third quarter. Citigroup Inc. now owns 1,126,280 shares of the company’s stock valued at $5,181,000 after acquiring an additional 1,125,249 shares in the last quarter. Invesco Ltd. increased its position in shares of ATRenew by 45.6% during the first quarter. Invesco Ltd. now owns 2,760,925 shares of the company’s stock worth $8,117,000 after acquiring an additional 864,048 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. acquired a new position in shares of ATRenew in the third quarter worth about $2,466,000. 19.29% of the stock is owned by institutional investors and hedge funds.

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.