ATRenew (NYSE:RERE) Stock Price Up 4.5% – Still a Buy?

ATRenew Inc. Sponsored ADR (NYSE:RERE)’s share price traded up 4.5% on Friday. The company traded as high as $4.06 and last traded at $4.0350. 199,865 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,006,996 shares. The stock had previously closed at $3.86.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RERE shares. UBS Group began coverage on ATRenew in a report on Tuesday, July 21st. They set a “buy” rating and a $5.50 price target for the company. Wall Street Zen upgraded ATRenew from a “hold” rating to a “buy” rating in a report on Sunday, September 27th. CICC Research initiated coverage on ATRenew in a research report on Thursday, August 20th. They set an “outperform” rating on the stock. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ATRenew in a research note on Tuesday, October 27th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, ATRenew presently has an average rating of “Moderate Buy” and an average price target of $5.50.

ATRenew Price Performance

The firm’s 50 day simple moving average is $3.96 and its 200-day simple moving average is $4.50. The company has a market cap of $891.86 million, a price-to-earnings ratio of 14.02 and a beta of 0.50.

ATRenew (NYSE:RERE) last posted its earnings results on Thursday, August 20th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $972.82 million for the quarter, compared to analysts’ expectations of $930.34 million. ATRenew had a return on equity of 12.32% and a net margin of 2.01%. On average, analysts forecast that ATRenew Inc. Sponsored ADR will post 0.37 EPS for the current year.

Institutional Investors Weigh In On ATRenew

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RERE. IvyRock Asset Management HK Ltd grew its position in ATRenew by 25.0% in the 3rd quarter. IvyRock Asset Management HK Ltd now owns 25,000 shares of the company’s stock valued at $93,000 after buying an additional 5,000 shares during the last quarter. Precision Wealth Strategies LLC increased its stake in ATRenew by 17.7% in the 1st quarter. Precision Wealth Strategies LLC now owns 296,399 shares of the company’s stock valued at $1,390,000 after buying an additional 44,659 shares during the period. Prescott Group Capital Management L.L.C. raised its position in ATRenew by 1.5% during the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 3,365,436 shares of the company’s stock worth $12,553,000 after buying an additional 50,000 shares during the last quarter. Caxton Associates LLP purchased a new position in ATRenew during the 1st quarter worth $351,000. Finally, Lazard Asset Management LLC purchased a new position in ATRenew during the 1st quarter worth $540,000. Hedge funds and other institutional investors own 19.29% of the company’s stock.

About ATRenew

ATRenew Inc. operates a technology-enabled platform in China for recycling and reselling pre-owned consumer electronics, particularly smartphones. Through its Aihuishou brand, the company accepts devices from consumers and businesses, assesses their condition, and directs them to resale or other processing channels. The company connects online services with a network of physical stores and collection points, and works with e-commerce platforms and other partners to support trade-ins and device recycling.