Renaissance Technologies LLC Makes New Investment in ATRenew Inc. Sponsored ADR $RERE

Renaissance Technologies LLC acquired a new stake in shares of ATRenew Inc. Sponsored ADR (NYSE:RERE) during the first quarter, HoldingsChannel.com reports. The firm acquired 504,946 shares of the company’s stock, valued at approximately $2,368,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RERE. Cubist Systematic Strategies LLC boosted its holdings in shares of ATRenew by 15.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company’s stock worth $194,000 after purchasing an additional 9,094 shares during the period. Caxton Associates LLP bought a new position in shares of ATRenew during the 1st quarter valued at approximately $114,000. JPMorgan Chase & Co. raised its holdings in ATRenew by 160.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 531,349 shares of the company’s stock valued at $1,759,000 after buying an additional 327,715 shares during the period. Marshall Wace LLP raised its holdings in ATRenew by 14.2% during the 2nd quarter. Marshall Wace LLP now owns 561,536 shares of the company’s stock valued at $1,859,000 after buying an additional 69,801 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in ATRenew by 66.8% in the second quarter. Qube Research & Technologies Ltd now owns 267,728 shares of the company’s stock worth $886,000 after buying an additional 107,267 shares during the last quarter. 19.29% of the stock is currently owned by hedge funds and other institutional investors.

ATRenew Stock Performance

Shares of RERE opened at $4.55 on Tuesday. The firm has a market capitalization of $998.27 million, a P/E ratio of 18.20 and a beta of 0.31. ATRenew Inc. Sponsored ADR has a 12-month low of $3.50 and a 12-month high of $6.47. The firm has a fifty day moving average price of $4.05 and a 200-day moving average price of $4.77.

ATRenew (NYSE:RERE) last posted its quarterly earnings results on Friday, May 15th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. ATRenew had a net margin of 1.90% and a return on equity of 11.48%. The company had revenue of $893.46 million for the quarter, compared to the consensus estimate of $856.01 million. Analysts predict that ATRenew Inc. Sponsored ADR will post 0.4 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on RERE. Wall Street Zen lowered shares of ATRenew from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Weiss Ratings reissued a “hold (c)” rating on shares of ATRenew in a research note on Wednesday, July 29th. Finally, UBS Group began coverage on shares of ATRenew in a report on Tuesday, July 21st. They issued a “buy” rating and a $5.50 target price for the company. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, ATRenew has an average rating of “Moderate Buy” and an average price target of $5.50.

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. The company was formerly known as AiHuiShou International Co Ltd.