ATRenew (NYSE:RERE) Stock Price Breaks Above 50-Day Moving Average – Here’s Why

ATRenew Inc. Sponsored ADR (NYSE:RERE)’s share price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $3.96 and traded as high as $4.01. ATRenew shares last traded at $4.0050, with a volume of 607,187 shares changing hands.

Wall Street Analysts Forecast Growth

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

ATRenew Price Performance

The firm has a 50 day simple moving average of $3.94 and a 200-day simple moving average of $4.59. The stock has a market capitalization of $905.02 million, a price-to-earnings ratio of 14.22 and a beta of 0.39.

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

Hedge Funds Weigh In On ATRenew

Large investors have recently made changes to their positions in the company. QRG Capital Management Inc. grew its position in shares of ATRenew by 90.5% during the 1st quarter. QRG Capital Management Inc. now owns 50,924 shares of the company’s stock worth $239,000 after buying an additional 24,192 shares during the period. Caxton Associates LLP acquired a new position in ATRenew in the first quarter valued at approximately $351,000. Lazard Asset Management LLC acquired a new stake in ATRenew during the 1st quarter worth $540,000. Public Employees Retirement System of Ohio bought a new stake in shares of ATRenew during the 2nd quarter valued at $755,000. Finally, Precision Wealth Strategies LLC raised its position in shares of ATRenew by 17.7% during the 1st quarter. Precision Wealth Strategies LLC now owns 296,399 shares of the company’s stock valued at $1,390,000 after acquiring an additional 44,659 shares during the last quarter. Institutional investors and hedge funds own 19.29% of the company’s stock.

ATRenew Company Profile

ATRenew Inc operates a technology-driven platform for the recycling and resale of consumer electronics and other pre-owned goods. The company connects consumers, retailers, brands, and professional buyers through online and offline channels, with a focus on smartphones, tablets, laptops, digital devices, and related products.

Its business includes consumer-to-business recycling, where individuals sell used devices for inspection and resale; a marketplace that enables professional merchants to trade pre-owned products; and business-to-business transactions involving retailers, brands, and other commercial partners.