RLX Technology (NYSE:RLX) Reaches New 1-Year Low – Here’s What Happened

RLX Technology Inc. Sponsored ADR (NYSE:RLX) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $1.76 and last traded at $1.7650, with a volume of 1612881 shares changing hands. The stock had previously closed at $1.83.

Analysts Set New Price Targets

RLX has been the subject of several research analyst reports. Wall Street Zen downgraded RLX Technology from a “hold” rating to a “sell” rating in a research note on Saturday, August 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of RLX Technology in a research note on Friday, July 17th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, RLX Technology currently has an average rating of “Hold” and a consensus price target of $2.50.

RLX Technology Stock Down 2.7%

The stock’s 50-day simple moving average is $1.93 and its 200 day simple moving average is $2.09. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 16.95 and a beta of 1.20.

RLX Technology (NYSE:RLX) last released its quarterly earnings results on Friday, August 14th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.06). RLX Technology had a net margin of 20.24% and a return on equity of 6.20%. The company had revenue of $148.73 million during the quarter, compared to analysts’ expectations of $173.99 million.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RLX. OLP CAPITAL MANAGEMENT Ltd purchased a new position in RLX Technology during the 1st quarter valued at about $29,013,000. Renaissance Technologies LLC purchased a new stake in RLX Technology during the first quarter worth about $1,976,000. Perseverance Asset Management International increased its stake in RLX Technology by 4.4% during the fourth quarter. Perseverance Asset Management International now owns 7,790,928 shares of the company’s stock worth $18,153,000 after purchasing an additional 325,361 shares during the period. Bank of America Corp DE lifted its position in shares of RLX Technology by 113.0% during the first quarter. Bank of America Corp DE now owns 2,449,708 shares of the company’s stock worth $5,389,000 after purchasing an additional 1,299,828 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of RLX Technology during the first quarter worth about $687,000. 22.68% of the stock is currently owned by hedge funds and other institutional investors.

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.