RLX Technology (NYSE:RLX) Sets New 52-Week Low – What’s Next?

RLX Technology Inc. Sponsored ADR (NYSE:RLX) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $1.81 and last traded at $1.8550, with a volume of 211718 shares traded. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RLX shares. Citigroup dropped their price target on RLX Technology from $2.60 to $2.50 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Wall Street Zen upgraded RLX Technology from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLX Technology in a report on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, RLX Technology has an average rating of “Hold” and an average price target of $2.50.

RLX Technology Trading Up 0.3%

The firm has a market capitalization of $2.84 billion, a PE ratio of 18.35 and a beta of 1.13. The firm’s fifty day moving average price is $2.09 and its 200 day moving average price is $2.22.

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

Hedge Funds Weigh In On RLX Technology

A number of institutional investors have recently modified their holdings of RLX. Marshall Wace LLP boosted its stake in shares of RLX Technology by 29.3% in the second quarter. Marshall Wace LLP now owns 1,133,093 shares of the company’s stock worth $2,504,000 after buying an additional 257,103 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in 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 worth $8,407,000 after acquiring an additional 1,329,500 shares during the period. Tower Research Capital LLC TRC raised its position in 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 acquiring an additional 40,819 shares in the last quarter. JPMorgan Chase & Co. raised its position in RLX Technology by 11,091.5% during the third quarter. JPMorgan Chase & Co. now owns 808,589 shares of the company’s stock valued at $2,127,000 after acquiring an additional 801,364 shares in the last quarter. Finally, Cresset Asset Management LLC acquired a new position in RLX Technology in the third quarter valued at approximately $66,000. Hedge funds and other institutional investors 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.