ATRenew (NYSE:RERE) Shares Down 4.7% - Here's What Happened

Shares of ATRenew Inc. (NYSE:RERE - Get Free Report) dropped 4.7% during mid-day trading on Wednesday . The company traded as low as $3.31 and last traded at $3.32. Approximately 211,907 shares changed hands during trading, a decline of 82% from the average daily volume of 1,183,923 shares. The stock had previously closed at $3.48.

ATRenew Trading Down 0.5 %

The firm has a market capitalization of $801.12 million, a price-to-earnings ratio of -65.89, a PEG ratio of 0.41 and a beta of 0.08. The stock's 50-day moving average is $2.87 and its 200-day moving average is $2.74.

Institutional Investors Weigh In On ATRenew

Large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD acquired a new stake in ATRenew in the fourth quarter valued at approximately $6,623,000. Invesco Ltd. raised its stake in shares of ATRenew by 1,718.6% in the fourth quarter. Invesco Ltd. now owns 1,896,877 shares of the company's stock valued at $5,463,000 after buying an additional 1,792,572 shares during the period. Yiheng Capital Management L.P. raised its stake in shares of ATRenew by 107.7% in the fourth quarter. Yiheng Capital Management L.P. now owns 3,163,117 shares of the company's stock valued at $9,110,000 after buying an additional 1,639,859 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of ATRenew by 101.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,636,473 shares of the company's stock valued at $4,713,000 after purchasing an additional 822,998 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. grew its position in shares of ATRenew by 31.3% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 3,035,436 shares of the company's stock valued at $8,742,000 after purchasing an additional 724,415 shares in the last quarter. Institutional investors and hedge funds own 19.29% of the company's stock.

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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.