ATRenew Inc. RERE shares are trading higher Tuesday after the company reported fourth-quarter financial results and announced a share repurchase program.
The Details:
ATRenew reported quarterly earnings of 8 cents per share, representing a 300% increase over earnings from the same period last year.
Quarterly sales clocked in at $545.6 million, a 26.23% increase over sales year-over-year. The company also announced a $20 million share repurchase program.
“We are delighted to report another quarter of record total net revenues, which exceeded the high-end of our fourth-quarter guidance. Our total revenue in 2023 increased by over 30% year-over-year to reach RMB13.0 billion," said Mr. Kerry Xuefeng Chen, CEO of ATRenew.
"Our operational efficiency continued to enhance and led to a historical high in adjusted income from operations. This success came as we built premium user experience and trust, diligently developed trade-in solutions with e-commerce retailers and consumer electronics manufacturers, and as our innovative multi-category recycling services and refined pricing mechanisms won over more users," added Chen.
Outlook:
For the first quarter of 2024, ATRenew expects revenues of between RMB3,550.0 million and RMB3,650.0 million, representing an increase of 23.6% to 27.1% year-over-year.
Related News: What’s Going On With Grayscale And iShares Bitcoin ETFs?
Should I Sell My RERE Stock?
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of ATRenew RERE have decreased by 54.52% in the past year. An investor who bought shares of ATRenew at the beginning of the year would take a loss of $0.33 per share if they sold it today. The stock has risen 28.18% over the past month, meaning an investor who bought shares on Feb. 1 would see a capital gain of $0.34.
ATRenew shares have an all-time high of $17.21, representing 1120.57% upside from current levels.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. ATRenew stock currently has an RSI of 62.23, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
RERE Price Action: According to Benzinga Pro, ATRenew shares are up 19.3% at $1.42 at the time of publication.
Image: Gerd Altmann from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.