RLX Technology (NYSE:RLX) Downgraded by Citigroup to Neutral

RLX Technology (NYSE:RLX) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a report released on Monday,Briefing.com Automated Import reports. They presently have a $2.50 price target on the stock, down from their prior price target of $2.80. Citigroup’s price objective would indicate a potential upside of 10.86% from the company’s previous close.

RLX Technology Trading Down 4.0 %

Shares of RLX Technology stock opened at $2.26 on Monday. The company’s 50-day moving average price is $2.28 and its 200-day moving average price is $1.96. RLX Technology has a 12-month low of $1.50 and a 12-month high of $2.69. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 56.39 and a beta of 0.93.

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

Institutional Trading of RLX Technology

Several hedge funds have recently added to or reduced their stakes in RLX. Point72 Asset Management L.P. lifted its stake in shares of RLX Technology by 8,292.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,313,300 shares of the company’s stock valued at $2,377,000 after acquiring an additional 1,297,651 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of RLX Technology by 14.5% during the third quarter. Franklin Resources Inc. now owns 293,830 shares of the company’s stock valued at $497,000 after purchasing an additional 37,294 shares during the period. Hosking Partners LLP grew its holdings in shares of RLX Technology by 24.8% in the fourth quarter. Hosking Partners LLP now owns 981,533 shares of the company’s stock worth $2,120,000 after purchasing an additional 194,770 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in RLX Technology during the 3rd quarter valued at $108,000. Finally, Point72 Hong Kong Ltd purchased a new stake in RLX Technology during the 3rd quarter valued at $2,386,000. 22.68% of the stock is owned by institutional investors.

About RLX Technology

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.