Citigroup Issues Pessimistic Forecast for RLX Technology (NYSE:RLX) Stock Price

RLX Technology (NYSE:RLX) had its price target lowered by stock analysts at Citigroup from $2.50 to $2.25 in a report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 14.50% from the company’s previous close.

RLX Technology Stock Down 1.3%

Shares of RLX Technology stock traded down $0.03 on Monday, hitting $1.97. The company’s stock had a trading volume of 2,183,469 shares, compared to its average volume of 4,759,955. The company has a market capitalization of $3.09 billion, a P/E ratio of 49.14 and a beta of 1.03. The firm has a fifty day moving average price of $1.88 and a 200-day moving average price of $2.01. RLX Technology has a 52-week low of $1.50 and a 52-week high of $2.69.

RLX Technology (NYSE:RLX) last released its earnings results on Friday, May 16th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.15). RLX Technology had a net margin of 15.70% and a return on equity of 2.48%. The business had revenue of $111.35 million for the quarter, compared to analysts’ expectations of $763.38 million.

Hedge Funds Weigh In On RLX Technology

A number of institutional investors and hedge funds have recently bought and sold shares of RLX. Janney Montgomery Scott LLC bought a new position in shares of RLX Technology in the 4th quarter valued at about $31,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in RLX Technology during the fourth quarter worth $42,000. Boothbay Fund Management LLC acquired a new stake in shares of RLX Technology in the fourth quarter valued at approximately $43,000. Ground Swell Capital LLC bought a new position in shares of RLX Technology in the first quarter valued at about $47,000. Finally, Headlands Technologies LLC increased its position in RLX Technology by 411.8% during the first quarter. Headlands Technologies LLC now owns 25,766 shares of the company’s stock worth $48,000 after acquiring an additional 20,732 shares during the period. Institutional investors own 22.68% of the company’s stock.

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.