ATRenew (NYSE:RERE) Shares Gap Up – Time to Buy?

ATRenew Inc. (NYSE:RERE) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.46, but opened at $2.62. ATRenew shares last traded at $2.81, with a volume of 1,377,022 shares traded.

ATRenew Stock Performance

The stock’s 50-day moving average price is $2.54 and its 200-day moving average price is $2.48. The company has a market capitalization of $682.84 million, a P/E ratio of -31.11, a P/E/G ratio of 0.56 and a beta of -0.13.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new position in shares of ATRenew during the second quarter valued at $3,328,000. Harber Asset Management LLC increased its stake in shares of ATRenew by 14.6% during the third quarter. Harber Asset Management LLC now owns 1,094,617 shares of the company’s stock valued at $3,043,000 after acquiring an additional 139,842 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in ATRenew by 162.3% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,049,214 shares of the company’s stock worth $2,906,000 after purchasing an additional 649,214 shares in the last quarter. BRIGHT VALLEY CAPITAL Ltd acquired a new stake in ATRenew in the second quarter worth approximately $1,396,000. Finally, Renaissance Technologies LLC boosted its stake in ATRenew by 26.0% during the 2nd quarter. Renaissance Technologies LLC now owns 560,853 shares of the company’s stock valued at $1,329,000 after purchasing an additional 115,853 shares in the last quarter. Institutional investors own 19.29% of the company’s stock.

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.