ATRenew (NYSE:RERE) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of ATRenew (NYSE:RERE) from a buy rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.

A number of other brokerages have also recently commented on RERE. UBS Group initiated coverage on ATRenew in a research note on Tuesday, July 21st. They issued a “buy” rating and a $5.50 price target for the company. Weiss Ratings reissued a “hold (c)” rating on shares of ATRenew in a research note on Wednesday, July 29th. Finally, CICC Research began coverage on shares of ATRenew in a report on Thursday, August 20th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, ATRenew currently has a consensus rating of “Moderate Buy” and an average price target of $5.50.

ATRenew Stock Performance

RERE opened at $3.92 on Friday. The company has a fifty day moving average price of $4.14 and a two-hundred day moving average price of $4.44. The firm has a market capitalization of $861.14 million, a PE ratio of 13.53 and a beta of 0.33. ATRenew has a 52 week low of $3.50 and a 52 week high of $6.47.

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

Institutional Investors Weigh In On ATRenew

Several large investors have recently modified their holdings of the business. Fideuram Asset Management Ireland dac bought a new stake in ATRenew during the 4th quarter worth approximately $4,764,000. Renaissance Technologies LLC acquired a new stake in ATRenew during the 1st quarter worth approximately $2,368,000. Evergreen Quality Fund GP Ltd. bought a new position in ATRenew in the fourth quarter valued at approximately $1,429,000. Precision Wealth Strategies LLC lifted its stake in ATRenew by 17.7% in the first 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 in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of ATRenew in the second quarter valued at approximately $755,000. 19.29% of the stock is currently owned by institutional investors.

About ATRenew

ATRenew Inc (NYSE: RERE), formerly known as AiHuiShou, operates a technology-enabled platform for consumer electronics recycling and resale in China. The company focuses primarily on used mobile phones, tablets, laptops, cameras and other digital devices, helping consumers and businesses sell, trade in, recycle and purchase pre-owned electronics.

ATRenew’s services cover the resale process from device collection and inspection to data erasure, quality grading, pricing, refurbishment and fulfillment.