RLX Technology (NYSE:RLX) Price Target Lowered to $2.50 at Citigroup

RLX Technology (NYSE:RLX) had its price target decreased by Citigroup from $2.60 to $2.50 in a report issued on Monday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

RLX has been the topic of several other reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLX Technology in a research report on Thursday, January 22nd. Wall Street Zen cut RLX Technology from a “hold” rating to a “sell” rating in a report on Sunday. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.50.

RLX Technology Price Performance

RLX stock opened at $2.28 on Monday. The company has a market capitalization of $3.58 billion, a P/E ratio of 25.33 and a beta of 1.11. RLX Technology has a 12 month low of $1.66 and a 12 month high of $2.84. The firm’s fifty day simple moving average is $2.33 and its 200-day simple moving average is $2.40.

RLX Technology (NYSE:RLX) last issued its earnings results on Friday, March 13th. The company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $163.13 million during the quarter, compared to analysts’ expectations of $152.06 million. RLX Technology had a net margin of 23.27% and a return on equity of 5.73%.

RLX Technology declared that its board has authorized a share repurchase plan on Wednesday, December 31st that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Institutional Trading of RLX Technology

Institutional investors have recently bought and sold shares of the business. XTX Topco Ltd grew its position in shares of RLX Technology by 242.1% in the second quarter. XTX Topco Ltd now owns 333,267 shares of the company’s stock valued at $737,000 after purchasing an additional 235,844 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of RLX Technology during the 2nd quarter worth about $110,000. Quadrature Capital Ltd raised its position in shares of RLX Technology by 229.0% during the 2nd quarter. Quadrature Capital Ltd now owns 88,297 shares of the company’s stock worth $195,000 after purchasing an additional 61,459 shares during the last quarter. Marshall Wace LLP lifted its stake in RLX Technology by 29.3% in the 2nd quarter. Marshall Wace LLP now owns 1,133,093 shares of the company’s stock valued at $2,504,000 after buying an additional 257,103 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in RLX Technology by 53.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company’s stock valued at $8,407,000 after buying an additional 1,329,500 shares in the last quarter. 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.