RLX Technology (NYSE:RLX) Stock Price Down 3.6% – Here’s Why

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

Wall Street Analysts Forecast Growth

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

RLX Technology Price Performance

The company has a market cap of $3.12 billion, a P/E ratio of 49.64 and a beta of 0.93. The company has a 50 day moving average of $2.26 and a 200-day moving average of $1.97.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Janney Montgomery Scott LLC purchased a new position in RLX Technology during the 4th quarter valued at about $31,000. Centiva Capital LP purchased a new position in RLX Technology during the 3rd quarter valued at about $29,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of RLX Technology during the 4th quarter worth approximately $42,000. Boothbay Fund Management LLC purchased a new position in shares of RLX Technology during the 4th quarter worth approximately $43,000. Finally, Catalina Capital Group LLC purchased a new position in shares of RLX Technology during the 4th quarter worth approximately $63,000. Hedge funds and other institutional investors own 22.68% of the company’s stock.

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.