ATRenew (NYSE:RERE) Trading 6.7% Higher

ATRenew Inc. (NYSE:RERE)’s stock price shot up 6.7% on Wednesday . The company traded as high as $2.70 and last traded at $2.69. 513,887 shares were traded during trading, a decline of 48% from the average session volume of 984,405 shares. The stock had previously closed at $2.52.

ATRenew Price Performance

The stock has a market cap of $604.80 million, a PE ratio of -20.71, a price-to-earnings-growth ratio of 0.56 and a beta of -0.17. The business has a 50 day moving average price of $2.42 and a two-hundred day moving average price of $2.03.

ATRenew (NYSE:RERE) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). ATRenew had a positive return on equity of 2.74% and a negative net margin of 1.44%. The business had revenue of $519.69 million during the quarter, compared to analysts’ expectations of $514.00 million. On average, sell-side analysts forecast that ATRenew Inc. will post 0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ATRenew

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. IvyRock Asset Management HK Ltd bought a new position in shares of ATRenew during the fourth quarter valued at $67,000. Virtu Financial LLC bought a new stake in ATRenew in the 1st quarter worth about $134,000. Marshall Wace LLP increased its holdings in ATRenew by 231.8% in the 2nd quarter. Marshall Wace LLP now owns 192,036 shares of the company’s stock worth $455,000 after buying an additional 134,151 shares in the last quarter. Cubist Systematic Strategies LLC increased its holdings in ATRenew by 30.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 47,351 shares of the company’s stock worth $112,000 after buying an additional 11,011 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in ATRenew by 26.0% in the 2nd quarter. Renaissance Technologies LLC now owns 560,853 shares of the company’s stock worth $1,329,000 after buying an additional 115,853 shares in the last quarter. Hedge funds and other 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.