RLX Technology (NYSE:RLX) Upgraded by Wall Street Zen to “Hold” Rating

RLX Technology (NYSE:RLX) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of RLX Technology in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, RLX Technology presently has an average rating of “Hold” and an average target price of $2.25.

RLX Technology Trading Down 3.7%

RLX stock opened at $2.23 on Monday. RLX Technology has a 12-month low of $1.66 and a 12-month high of $2.84. The business’s 50-day moving average is $2.37 and its 200 day moving average is $2.38. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 31.79 and a beta of 1.10.

RLX Technology (NYSE:RLX) last announced its earnings results on Friday, November 14th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The firm had revenue of $158.63 million for the quarter, compared to analyst estimates of $139.99 million. RLX Technology had a net margin of 21.05% and a return on equity of 4.74%.

RLX Technology announced that its Board of Directors has initiated a share repurchase program on Wednesday, December 31st that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On RLX Technology

A number of hedge funds have recently modified their holdings of RLX. BNP Paribas Financial Markets acquired a new stake in shares of RLX Technology during the third quarter valued at about $60,000. Cresset Asset Management LLC purchased a new position in shares of RLX Technology during the 3rd quarter worth approximately $66,000. Brevan Howard Capital Management LP purchased a new position in shares of RLX Technology during the 3rd quarter worth approximately $73,000. Vanguard Personalized Indexing Management LLC increased its holdings in RLX Technology by 73.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 40,168 shares of the company’s stock valued at $89,000 after purchasing an additional 17,060 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in RLX Technology in the second quarter valued at approximately $99,000. Hedge funds and other institutional investors own 22.68% of the company’s stock.

About RLX Technology

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.