ATRenew (NYSE:RERE) Shares Gap Down - Here's Why

ATRenew Inc. (NYSE:RERE - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $2.88, but opened at $2.82. ATRenew shares last traded at $2.64, with a volume of 703,919 shares traded.

ATRenew Trading Down 2.4 %

The stock has a market cap of $685.28 million, a P/E ratio of -56.19, a price-to-earnings-growth ratio of 0.60 and a beta of 0.07. The business's fifty day simple moving average is $2.79 and its 200 day simple moving average is $2.57.

Hedge Funds Weigh In On ATRenew

Several hedge funds have recently added to or reduced their stakes in RERE. Walleye Capital LLC acquired a new position in shares of ATRenew during the 3rd quarter worth about $32,000. PFG Investments LLC acquired a new stake in ATRenew during the 3rd quarter worth $95,000. Cubist Systematic Strategies LLC grew its stake in ATRenew by 30.3% in the second quarter. Cubist Systematic Strategies LLC now owns 47,351 shares of the company's stock valued at $112,000 after acquiring an additional 11,011 shares during the period. WT Asset Management Ltd acquired a new stake in shares of ATRenew during the third quarter worth about $159,000. Finally, Quadrature Capital Ltd grew its position in shares of ATRenew by 67.8% in the 3rd quarter. Quadrature Capital Ltd now owns 70,729 shares of the company's stock valued at $197,000 after purchasing an additional 28,569 shares during the period. Institutional investors own 19.29% of the company's stock.

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.