E Fund Management Hong Kong Co. Ltd. Purchases Shares of 122,540 ATRenew Inc. Sponsored ADR $RERE

E Fund Management Hong Kong Co. Ltd. purchased a new stake in ATRenew Inc. Sponsored ADR (NYSE:RERE) during the second quarter, HoldingsChannel.com reports. The fund purchased 122,540 shares of the company’s stock, valued at approximately $406,000. ATRenew comprises about 0.4% of E Fund Management Hong Kong Co. Ltd.’s investment portfolio, making the stock its 26th biggest holding.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Harber Asset Management LLC increased its holdings in ATRenew by 0.6% in the 1st quarter. Harber Asset Management LLC now owns 1,254,530 shares of the company’s stock valued at $3,688,000 after acquiring an additional 7,750 shares during the last quarter. Cubist Systematic Strategies LLC increased its holdings in ATRenew by 15.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 66,119 shares of the company’s stock valued at $194,000 after acquiring an additional 9,094 shares during the last quarter. Walleye Capital LLC increased its holdings in ATRenew by 2.5% in the 1st quarter. Walleye Capital LLC now owns 444,584 shares of the company’s stock valued at $1,307,000 after acquiring an additional 10,725 shares during the last quarter. Harbour Capital Advisors LLC bought a new stake in ATRenew in the 1st quarter valued at $33,000. Finally, QRG Capital Management Inc. increased its holdings in ATRenew by 77.2% in the 1st quarter. QRG Capital Management Inc. now owns 29,710 shares of the company’s stock valued at $87,000 after acquiring an additional 12,946 shares during the last quarter. 19.29% of the stock is currently owned by institutional investors.

ATRenew Stock Up 1.7%

Shares of NYSE:RERE opened at $4.25 on Thursday. ATRenew Inc. Sponsored ADR has a 52 week low of $2.00 and a 52 week high of $4.93. The stock has a market capitalization of $1.04 billion, a P/E ratio of 35.42 and a beta of 0.24. The firm has a fifty day simple moving average of $4.29 and a two-hundred day simple moving average of $3.34.

ATRenew declared that its board has approved a share repurchase program on Monday, June 30th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RERE. Weiss Ratings reiterated a “hold (c-)” rating on shares of ATRenew in a report on Wednesday. Wall Street Zen cut shares of ATRenew from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, ATRenew currently has an average rating of “Hold”.

ATRenew 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.