RLX Technology (NYSE:RLX) Rating Lowered to Neutral at Citigroup

Citigroup lowered shares of RLX Technology (NYSE:RLX) from a buy rating to a neutral rating in a report published on Monday morning, Marketbeat reports. Citigroup currently has $2.50 price target on the stock, down from their previous price target of $2.80.

RLX Technology Stock Performance

NYSE RLX opened at $2.02 on Monday. RLX Technology has a twelve month low of $1.50 and a twelve month high of $2.69. The stock has a market capitalization of $3.17 billion, a PE ratio of 50.39 and a beta of 0.93. The stock has a 50-day simple moving average of $2.27 and a 200 day simple moving average of $1.97.

RLX Technology (NYSE:RLX) last released its earnings results on Friday, March 14th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). The firm had revenue of $111.46 million for the quarter, compared to analyst estimates of $764.69 million. RLX Technology had a return on equity of 2.48% and a net margin of 15.70%.

Institutional Investors Weigh In On RLX Technology

Institutional investors have recently added to or reduced their stakes in the stock. BRIGHT VALLEY CAPITAL Ltd bought a new position in shares of RLX Technology in the fourth quarter valued at approximately $19,297,000. Barclays PLC grew its holdings in shares of RLX Technology by 5,047.4% in the 4th quarter. Barclays PLC now owns 5,686,433 shares of the company’s stock valued at $12,282,000 after buying an additional 5,575,962 shares during the period. Man Group plc raised its position in shares of RLX Technology by 118.8% during the fourth quarter. Man Group plc now owns 3,165,638 shares of the company’s stock worth $6,838,000 after purchasing an additional 1,718,816 shares during the period. Nomura Holdings Inc. lifted its stake in RLX Technology by 86.1% in the fourth quarter. Nomura Holdings Inc. now owns 3,600,987 shares of the company’s stock valued at $7,778,000 after buying an additional 1,665,518 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in RLX Technology in the 3rd quarter valued at $2,386,000. 22.68% of the stock is owned by institutional investors and hedge funds.

RLX Technology Company Profile

RLX Technology Inc, together with its subsidiaries, engages in the manufacture and sale of e-vapor products in the People's Republic of China and internationally. It serves partner distributors and retail outlets. The company was founded in 2018 and is headquartered in Beijing, China.