Wall Street Zen Upgrades ATRenew (NYSE:RERE) to Buy

ATRenew (NYSE:RERE) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday, Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of ATRenew in a research note on Wednesday, July 29th. UBS Group began coverage on shares of ATRenew in a research report on Tuesday, July 21st. They set a “buy” rating and a $5.50 target price on the stock. Finally, CICC Research assumed coverage on shares of ATRenew in a research note on Thursday, August 20th. They issued an “outperform” rating on the stock. Two equities research 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 currently has an average rating of “Moderate Buy” and a consensus price target of $5.50.

ATRenew Trading Down 2.2%

Shares of NYSE:RERE opened at $3.85 on Friday. The firm has a market capitalization of $845.79 million, a PE ratio of 13.29 and a beta of 0.33. ATRenew has a 1-year low of $3.50 and a 1-year high of $6.47. The business’s 50 day moving average is $4.14 and its 200-day moving average is $4.37.

ATRenew (NYSE:RERE) last issued its 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 business had revenue of $972.82 million during the quarter, compared to analyst estimates of $930.34 million. ATRenew had a return on equity of 12.32% and a net margin of 2.01%. On average, sell-side analysts predict that ATRenew will post 0.37 EPS for the current year.

Institutional Trading of ATRenew

Several institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in shares of ATRenew during the first quarter worth approximately $2,368,000. Evergreen Quality Fund GP Ltd. acquired a new position in shares of ATRenew in the 4th quarter worth approximately $1,429,000. Public Employees Retirement System of Ohio acquired a new position in shares of ATRenew in the 2nd quarter worth approximately $755,000. Lazard Asset Management LLC bought a new stake in ATRenew during the 1st quarter worth approximately $540,000. Finally, Caxton Associates LLP bought a new stake in ATRenew during the 1st quarter worth approximately $351,000. Institutional investors and hedge funds own 19.29% of the company’s stock.

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.