ATRenew (NYSE:RERE) Stock Breaks Below 50-Day Moving Average – Should You Sell?

ATRenew Inc. Sponsored ADR (NYSE:RERE) passed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $3.96 and traded as low as $3.80. ATRenew shares last traded at $3.8550, with a volume of 837,841 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RERE. CICC Research began coverage on ATRenew in a report on Thursday, August 20th. They issued an “outperform” rating on the stock. Wall Street Zen upgraded ATRenew from a “hold” rating to a “buy” rating in a research note on Sunday, September 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of ATRenew in a research note on Tuesday, October 27th. 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. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, ATRenew has an average rating of “Moderate Buy” and a consensus target price of $5.50.

ATRenew Trading Down 7.8%

The company has a market cap of $845.79 million, a PE ratio of 13.29 and a beta of 0.50. The firm’s 50-day simple moving average is $3.96 and its two-hundred day simple moving average is $4.51.

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 analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $972.82 million during the quarter, compared to analysts’ expectations of $930.34 million. ATRenew had a net margin of 2.01% and a return on equity of 12.32%. As a group, analysts predict that ATRenew Inc. Sponsored ADR will post 0.37 EPS for the current year.

Institutional Investors Weigh In On ATRenew

Several hedge funds have recently added to or reduced their stakes in RERE. IvyRock Asset Management HK Ltd boosted its stake in shares of ATRenew by 25.0% in the third quarter. IvyRock Asset Management HK Ltd now owns 25,000 shares of the company’s stock worth $93,000 after buying an additional 5,000 shares during the last quarter. Prescott Group Capital Management L.L.C. increased its holdings in ATRenew by 1.5% in the third quarter. Prescott Group Capital Management L.L.C. now owns 3,365,436 shares of the company’s stock valued at $12,553,000 after buying an additional 50,000 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of ATRenew in the second quarter worth about $755,000. Lazard Asset Management LLC acquired a new position in shares of ATRenew in the first quarter worth about $540,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of ATRenew during the 1st quarter worth about $2,368,000. 19.29% of the stock is owned by hedge funds and other institutional investors.

About ATRenew

ATRenew Inc. operates a technology-enabled platform in China for recycling and reselling pre-owned consumer electronics, particularly smartphones. Through its Aihuishou brand, the company accepts devices from consumers and businesses, assesses their condition, and directs them to resale or other processing channels. The company connects online services with a network of physical stores and collection points, and works with e-commerce platforms and other partners to support trade-ins and device recycling.