RLX Technology (NYSE:RLX) Shares Down 3.6% – Here’s What Happened

RLX Technology Inc. (NYSE:RLX) was down 3.6% during mid-day trading on Wednesday . The company traded as low as $2.02 and last traded at $2.02. Approximately 11,635,733 shares changed hands during trading, an increase of 153% from the average daily volume of 4,595,661 shares. The stock had previously closed at $2.09.

Wall Street Analysts Forecast Growth

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

RLX Technology Trading Down 3.6 %

The firm has a market capitalization of $3.17 billion, a P/E ratio of 50.39 and a beta of 0.93. The business’s 50 day simple moving average is $2.27 and its two-hundred day simple moving average is $1.97.

RLX Technology (NYSE:RLX) last released its quarterly earnings data 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 the consensus estimate 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Janney Montgomery Scott LLC bought a new stake in shares of RLX Technology in the fourth quarter worth approximately $31,000. Centiva Capital LP bought a new stake in shares of RLX Technology in the third quarter worth approximately $29,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of RLX Technology in the fourth quarter worth approximately $42,000. Boothbay Fund Management LLC bought a new stake in shares of RLX Technology in the fourth quarter worth approximately $43,000. Finally, Catalina Capital Group LLC bought a new stake in shares of RLX Technology in the fourth quarter worth approximately $63,000. 22.68% of the stock is currently owned by institutional investors.

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.