RLX Technology (NYSE:RLX) Raised to Hold at Wall Street Zen

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

Separately, Weiss Ratings restated a “hold (c)” rating on shares of RLX Technology in a report on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.25.

RLX Technology Stock Down 0.9%

NYSE:RLX opened at $2.24 on Friday. The company has a market cap of $3.52 billion, a P/E ratio of 32.00 and a beta of 1.11. RLX Technology has a fifty-two week low of $1.66 and a fifty-two week high of $2.84. The firm’s 50 day moving average is $2.33 and its two-hundred day moving average is $2.40.

RLX Technology announced that its board has initiated a share buyback program on Wednesday, December 31st that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. increased its position in shares of RLX Technology by 49.6% in the third quarter. Assenagon Asset Management S.A. now owns 867,842 shares of the company’s stock worth $2,282,000 after acquiring an additional 287,827 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of RLX Technology by 225.3% during the 3rd quarter. GSA Capital Partners LLP now owns 590,462 shares of the company’s stock valued at $1,553,000 after acquiring an additional 408,974 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of RLX Technology by 15.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,603,605 shares of the company’s stock valued at $3,544,000 after acquiring an additional 212,753 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in RLX Technology during the 2nd quarter worth $99,000. Finally, XTX Topco Ltd boosted its position in RLX Technology by 242.1% during the 2nd quarter. XTX Topco Ltd now owns 333,267 shares of the company’s stock worth $737,000 after purchasing an additional 235,844 shares during the period. 22.68% of the stock is owned by institutional investors and hedge funds.

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.