ATRenew (NYSE:RERE) Shares Down 4.6% – Here’s Why

ATRenew Inc. (NYSE:RERE)’s share price dropped 4.6% during mid-day trading on Monday . The company traded as low as $2.49 and last traded at $2.49. Approximately 228,431 shares traded hands during trading, a decline of 78% from the average daily volume of 1,034,014 shares. The stock had previously closed at $2.61.

ATRenew Price Performance

The firm has a market cap of $640.16 million, a P/E ratio of -21.88, a price-to-earnings-growth ratio of 0.60 and a beta of -0.16. The company’s 50-day simple moving average is $2.52 and its 200 day simple moving average is $2.37.

ATRenew (NYSE:RERE) last released its quarterly earnings results on Tuesday, August 20th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). ATRenew had a positive return on equity of 4.80% and a negative net margin of 0.99%. The company had revenue of $519.69 million during the quarter, compared to analysts’ expectations of $514.00 million. Analysts anticipate that ATRenew Inc. will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC boosted its stake in shares of ATRenew by 30.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 47,351 shares of the company’s stock worth $112,000 after purchasing an additional 11,011 shares during the period. Virtu Financial LLC bought a new position in shares of ATRenew during the first quarter valued at approximately $134,000. Marshall Wace LLP raised its holdings in shares of ATRenew by 231.8% in the second quarter. Marshall Wace LLP now owns 192,036 shares of the company’s stock worth $455,000 after buying an additional 134,151 shares during the period. Renaissance Technologies LLC lifted its stake in shares of ATRenew by 26.0% during the 2nd quarter. Renaissance Technologies LLC now owns 560,853 shares of the company’s stock worth $1,329,000 after acquiring an additional 115,853 shares during the last quarter. Finally, BRIGHT VALLEY CAPITAL Ltd purchased a new position in ATRenew during the 2nd quarter valued at $1,396,000. 19.29% of the stock is owned by hedge funds and other institutional investors.

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.