ATRenew (NYSE:RERE) Shares Down 5% – Here’s What Happened

ATRenew Inc. (NYSE:RERE)’s share price was down 5% on Tuesday . The company traded as low as $3.13 and last traded at $3.20. Approximately 539,907 shares were traded during trading, a decline of 48% from the average daily volume of 1,037,734 shares. The stock had previously closed at $3.37.

ATRenew Price Performance

The company has a 50 day moving average of $2.64 and a 200-day moving average of $2.50. The company has a market capitalization of $816.96 million, a P/E ratio of -66.99, a PEG ratio of 0.67 and a beta of 0.07.

Institutional Investors Weigh In On ATRenew

A number of large investors have recently modified their holdings of RERE. Acadian Asset Management LLC purchased a new stake in shares of ATRenew during the second quarter valued at $3,328,000. Harvest Fund Management Co. Ltd raised its stake in ATRenew by 162.3% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,049,214 shares of the company’s stock worth $2,906,000 after acquiring an additional 649,214 shares during the period. BRIGHT VALLEY CAPITAL Ltd purchased a new stake in ATRenew in the 2nd quarter worth $1,396,000. Harber Asset Management LLC raised its stake in ATRenew by 14.6% during the 3rd quarter. Harber Asset Management LLC now owns 1,094,617 shares of the company’s stock valued at $3,043,000 after purchasing an additional 139,842 shares during the period. Finally, Marshall Wace LLP grew its stake in ATRenew by 231.8% during the second quarter. Marshall Wace LLP now owns 192,036 shares of the company’s stock valued at $455,000 after acquiring an additional 134,151 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.