ATRenew (NYSE:RERE) Shares Gap Up - Should You Buy?

ATRenew Inc. Sponsored ADR (NYSE:RERE - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $4.38, but opened at $4.55. ATRenew shares last traded at $4.44, with a volume of 422,292 shares traded.Wall Street Analyst Weigh InSeparately, Wall Street Zen lowered shares of ATRenew from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th.Read Our Latest Report on ATRenewATRenew Price PerformanceThe stock's 50 day simple moving average is $4.04 and its 200-day simple moving average is $3.24. The company has a market capitalization of $1.07 billion, a PE ratio of 36.63 and a beta of 0.24. ATRenew declared that its Board of Directors has authorized a stock buyback plan on Monday, June 30th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's leadership believes its stock is undervalued. Hedge Funds Weigh In On ATRenewSeveral hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in ATRenew by 46.3% in the fourth quarter. Bank of America Corp DE now owns 578,457 shares of the company's stock valued at $1,666,000 after buying an additional 183,201 shares during the period. Millennium Management LLC grew its stake in ATRenew by 252.3% during the fourth quarter. Millennium Management LLC now owns 659,508 shares of the company's stock worth $1,899,000 after purchasing an additional 472,322 shares during the period. Man Group plc bought a new stake in ATRenew in the 4th quarter valued at about $325,000. Two Sigma Investments LP grew its holdings in shares of ATRenew by 38.2% in the fourth quarter. Two Sigma Investments LP now owns 108,516 shares of the company's stock valued at $313,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in ATRenew in the fourth quarter valued at approximately $50,000. Institutional investors own 19.29% of the company's stock. ATRenew Company Profile (Get Free Report)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.Featured StoriesFive stocks we like better than ATRenewHow to Invest in Small Cap Stocks Is Super Micro Next in Line for a Big AI Takeover?What is the FTSE 100 index? Tesla: 3 Reasons October’s Earnings Will Make or Break the StockWhat Does Downgrade Mean in Investing?Industrial Tech Crossovers: When Manufacturing Meets InnovationThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in ATRenew Right Now?Before you consider ATRenew, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ATRenew wasn't on the list.While ATRenew currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here