ATRenew (NYSE:RERE) Stock Price Down 3.9% Following Weak Earnings

ATRenew Inc. (NYSE:RERE) dropped 3.9% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $2.73 and last traded at $2.73. Approximately 782,712 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 1,088,095 shares. The stock had previously closed at $2.84.

The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). ATRenew had a negative net margin of 0.53% and a positive return on equity of 6.87%.

Hedge Funds Weigh In On ATRenew

Several large investors have recently modified their holdings of the stock. NewEdge Advisors LLC acquired a new stake in ATRenew in the 4th quarter worth about $29,000. JTC Employer Solutions Trustee Ltd acquired a new stake in ATRenew during the first quarter worth approximately $32,000. Harbour Capital Advisors LLC bought a new position in ATRenew during the 1st quarter worth $33,000. PFG Investments LLC acquired a new position in ATRenew in the 1st quarter valued at $40,000. Finally, QRG Capital Management Inc. acquired a new position in ATRenew in the 4th quarter valued at $48,000. 19.29% of the stock is owned by institutional investors.

ATRenew Trading Down 3.9%

The stock has a market capitalization of $665.77 million, a P/E ratio of -54.59, a P/E/G ratio of 0.41 and a beta of 0.06. The business has a 50-day moving average price of $2.64 and a two-hundred day moving average price of $2.79.

About ATRenew

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.