RLX Technology (NYSE:RLX) Shares Gap Up – Here’s What Happened

RLX Technology Inc. (NYSE:RLX) gapped up before the market opened on Wednesday . The stock had previously closed at $1.90, but opened at $1.97. RLX Technology shares last traded at $1.95, with a volume of 1,861,276 shares trading hands.

Analysts Set New Price Targets

Separately, Citigroup cut shares of RLX Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $2.80 to $2.50 in a research report on Monday, March 17th.

RLX Technology Stock Up 1.0%

The firm’s 50-day moving average is $1.89 and its 200-day moving average is $2.00. The company has a market cap of $3.08 billion, a PE ratio of 49.01 and a beta of 1.03.

RLX Technology (NYSE:RLX) last announced its quarterly earnings results on Friday, May 16th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.15). RLX Technology had a net margin of 15.70% and a return on equity of 2.48%.

Institutional Investors Weigh In On RLX Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of RLX. BRIGHT VALLEY CAPITAL Ltd purchased a new stake in RLX Technology in the fourth quarter worth about $19,297,000. Barclays PLC grew its holdings in RLX Technology by 5,047.4% in the fourth quarter. Barclays PLC now owns 5,686,433 shares of the company’s stock worth $12,282,000 after purchasing an additional 5,575,962 shares during the period. Canada Pension Plan Investment Board grew its holdings in RLX Technology by 49,495,580.0% in the first quarter. Canada Pension Plan Investment Board now owns 2,474,784 shares of the company’s stock worth $4,653,000 after purchasing an additional 2,474,779 shares during the period. Nomura Holdings Inc. grew its holdings in RLX Technology by 54.3% in the first quarter. Nomura Holdings Inc. now owns 5,555,303 shares of the company’s stock worth $10,444,000 after purchasing an additional 1,954,316 shares during the period. Finally, Man Group plc grew its holdings in RLX Technology by 118.8% in 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. Hedge funds and other institutional investors own 22.68% of the company’s stock.

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.