ATRenew (NYSE:RERE) Shares Fall on Weak Earnings

Shares of ATRenew Inc. (NYSE:RERE – Get Your Free Report ) fell before the market opened on Tuesday after the company reported weaker-than-expected quarterly earnings. The stock had previously closed at $2.84 but opened at $2.68. ATRenew shares last traded at $2.45 with a volume of 640,462 shares.

The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $519.69 million during the quarter, compared to the consensus estimate of $514.00 million. ATRenew had a positive return on equity of 2.74% and a negative net margin of 1.44%.

Institutional trading of ATRenew

Several hedge funds have recently modified their holdings of the stock. IvyRock Asset Management HK Ltd acquired a new stake in shares of ATRenew in the 4th quarter valued at about $67,000. Virtu Financial LLC acquired a new stake in ATRenew in the 1st quarter valued at approximately $134,000. Acadian Asset Management LLC purchased a new stake in ATRenew in the second quarter valued at about $3,328,000. Renaissance Technologies LLC boosted its holdings in shares of ATRenew by 26.0% during the second quarter. Renaissance Technologies LLC now owns 560,853 shares of the company’s stock valued at $1,329,000 after acquiring an additional 115,853 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of ATRenew by 231.8% during the second quarter. Marshall Wace LLP now owns 192,036 shares of the company’s stock worth $455,000 after buying an additional 134,151 shares during the period. Institutional investors own 19.29% of the company’s shares.

ATRenew stock performance

The company has a fifty day simple moving average of $2.43 and a 200 day simple moving average of $2.03.

About ATRenew

(Get a free report)

ATRenew Inc, through its subsidiaries, operates second-hand consumer electronics transaction and service platforms in the People’s Republic of China. Mainly sells mobile phones, laptops, tablets, drones, digital cameras; and vintage handbags, watches, liquor, gold and various household goods through its online platforms and offline stores, as well as providing services to third-party merchants to sell the products through its platforms.

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