RLX Technology (NYSE:RLX) Reaches New 52-Week Low – Here’s Why

RLX Technology Inc. Sponsored ADR (NYSE:RLX)’s share price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.96 and last traded at $1.9550, with a volume of 486286 shares traded. The stock had previously closed at $2.01.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RLX shares. Citigroup reduced their price objective on shares of RLX Technology from $2.60 to $2.50 and set a “neutral” rating for the company in a research report on Monday, March 16th. Weiss Ratings reissued a “hold (c)” rating on shares of RLX Technology in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of RLX Technology from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.50.

RLX Technology Trading Down 2.9%

The firm has a market capitalization of $2.87 billion, a P/E ratio of 18.55 and a beta of 1.13. The business has a 50-day moving average of $2.11 and a 200 day moving average of $2.24.

RLX Technology (NYSE:RLX) last posted its quarterly earnings results on Wednesday, May 20th. The company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. RLX Technology had a return on equity of 6.15% and a net margin of 20.76%.The business had revenue of $230.01 million for the quarter, compared to the consensus estimate of $166.99 million.

Institutional Trading of RLX Technology

Hedge funds have recently bought and sold shares of the business. Marshall Wace LLP increased its stake in RLX Technology by 29.3% during the 2nd quarter. Marshall Wace LLP now owns 1,133,093 shares of the company’s stock valued at $2,504,000 after purchasing an additional 257,103 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of RLX Technology by 53.7% during the second quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company’s stock valued at $8,407,000 after buying an additional 1,329,500 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of RLX Technology by 308.2% during the second quarter. Tower Research Capital LLC TRC now owns 54,064 shares of the company’s stock valued at $119,000 after buying an additional 40,819 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of RLX Technology by 11,091.5% during the third quarter. JPMorgan Chase & Co. now owns 808,589 shares of the company’s stock worth $2,127,000 after acquiring an additional 801,364 shares in the last quarter. Finally, GSA Capital Partners LLP increased its position in shares of RLX Technology by 225.3% during the third quarter. GSA Capital Partners LLP now owns 590,462 shares of the company’s stock worth $1,553,000 after acquiring an additional 408,974 shares in the last quarter. Institutional investors and hedge funds own 22.68% of the company’s stock.

RLX Technology Company Profile

RLX Technology Inc (NYSE:RLX) is a China-based company specializing in electronic nicotine delivery systems. The company develops, manufactures and markets closed-pod vaping devices and prefilled cartridges, positioning its products as an alternative to traditional combustible tobacco. RLX emphasizes consistent nicotine delivery, flavor variety and convenience through its proprietary e-liquid formulations and device design.

RLX operates a vertically integrated business model that encompasses research and development, production, quality control and sales.