ATRenew (NYSE:RERE) Stock Price Down 4.9% – Here’s What Happened

ATRenew Inc. (NYSE:RERE) shares dropped 4.9% during mid-day trading on Monday . The stock traded as low as $2.86 and last traded at $2.89. Approximately 743,202 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 1,069,059 shares. The stock had previously closed at $3.04.

ATRenew Trading Down 5.3 %

The firm has a market capitalization of $702.35 million, a P/E ratio of -57.59, a PEG ratio of 0.60 and a beta of 0.07. The business has a 50 day moving average of $2.80 and a 200-day moving average of $2.58.

Hedge Funds Weigh In On ATRenew

Hedge funds have recently made changes to their positions in the business. Harvest Fund Management Co. Ltd grew its position in ATRenew by 162.3% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,049,214 shares of the company’s stock valued at $2,906,000 after purchasing an additional 649,214 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of ATRenew during the 2nd quarter worth about $3,328,000. BRIGHT VALLEY CAPITAL Ltd bought a new position in shares of ATRenew in the 2nd quarter valued at about $1,396,000. Harber Asset Management LLC increased its position in shares of ATRenew by 14.6% in the third quarter. Harber Asset Management LLC now owns 1,094,617 shares of the company’s stock valued at $3,043,000 after acquiring an additional 139,842 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in ATRenew by 30.3% during the second quarter. Cubist Systematic Strategies LLC now owns 47,351 shares of the company’s stock worth $112,000 after acquiring an additional 11,011 shares in the last quarter. 19.29% of the stock is owned by institutional investors.

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.