ATRenew (NYSE:RERE) Shares Gap Down – Here’s Why

Shares of ATRenew Inc. (NYSE:RERE) 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 Stock Performance

The stock has a market cap of $741.37 million, a P/E ratio of -60.79, a price-to-earnings-growth ratio of 0.60 and a beta of 0.07. The firm has a 50-day moving average price of $2.80 and a 200-day moving average price of $2.58.

Hedge Funds Weigh In On ATRenew

Several institutional investors and hedge funds have recently added to or reduced their stakes in RERE. Cubist Systematic Strategies LLC lifted its position in ATRenew by 30.3% during the 2nd 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. Walleye Capital LLC bought a new stake in shares of ATRenew in the 3rd quarter worth approximately $32,000. Quadrature Capital Ltd grew its stake in shares of ATRenew by 67.8% in the 3rd quarter. Quadrature Capital Ltd now owns 70,729 shares of the company’s stock worth $197,000 after buying an additional 28,569 shares during the last quarter. PFG Investments LLC bought a new position in ATRenew during the 3rd quarter valued at approximately $95,000. Finally, WT Asset Management Ltd purchased a new position in ATRenew during the third quarter valued at $159,000. Hedge funds and other 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.